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Home >> Estate Planning Articles >> Take Advantage of Gifting to Reduce Your Estate

Take Advantage of Gifting to Reduce Your Estate

December 4, 2015 by Robert Kulas.

Take Advantage of Gifting to Reduce Your Estate

 Compliments of Our Law Firm,

Written By: The American Academy of Estate Planning Attorneys

For some of us, one reason we earn money is to provide the extras, the “non necessities” to our loved ones. Few things are more exciting than seeing a child or grandchild unwrap an eagerly anticipated gift. The expressions on their faces, the delight in their voices: it’s priceless. But did you know that gift giving also one of the time-tested strategies in estate planning? “Gifting” is a great way to reduce the overall size of your estate in order to avoid a potential future estate tax problem. The key is to properly plan for it.

Each year, anyone can gift up to $14,000 to as many people as they want. No particular reason or purpose is needed.. It’s part of the “annual exclusion.” There are a few important tips to keep in mind. First, your efforts won’t serve the purpose of reducing your estate (and tax bill) until it’s actually out of your possession. If you write a check and it’s not cashed for months, it’s still yours until it’s endorsed and cashed. You can eliminate this concern with either a wire transfer or a cashier’s check since the funds are moved immediately in the process.

You also have the option of giving an unlimited amount of money for certain expenses. These funds are treated in the same way: they reduce your tax burden while benefiting the recipient. Those expenses include tuition for school (including college) and medical expenses. The key is to ensure the check is written to the hospital, physician or school in order to be able to take advantage of the tax benefits. By writing a check to a grandchild or his parents, it’s considered a gift and the $14,000 benefit maximum applies. You must ensure the payment is made directly to the provider. Medical expenses and tuition are two expensive bills for most families and gifting is an ideal way to meet their needs without worrying about gift or estate taxes.

Many clients are unaware they can also gift a percentage of certain property at a discount. This means you can give even more than the $14,000 annual amount.

Keep in mind, there are some restrictions that often come into play. By consulting with a qualified estate planning attorney, you can really make the most of those assets by gifting them to your loved ones through the proper financial vehicle. But, the best part? You get to witness the excitement and happiness your gift brings. Be sure the legalities are covered so it doesn’t come back to bite you during tax season.

The excitement of gifting brings great pleasure, but don’t underestimate the tax and legal considerations. Your estate planning attorney can work with you to design a strong gifting strategy to meet your estate planning and financial goals.

Kulas & Crawford

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
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We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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