A commonly pursued option in estate planning is to gift your assets to family members, friends, charities, and other beneficiaries. Gifting your assets is usually executed in the form of an annual payment of a designated amount to each beneficiary for a set number of years determined in your estate plan. Doing this can reduce the size of your estate, and thus reduce the tax burden that is placed on beneficiaries when they receive their assets through traditional inheritance.
If you wish to find out more about arranging for gifts distributed by the execution of your estate plan, our Dayton estate planning lawyers may be able to help. At Rieser & Marx, LLC, we have considerable experience in estate planning law, including involvement in over 25,000 asset protection matters in bankruptcy and workout cases. We have planned, implemented, and administered numerous estate plans and estates for our clients ranging in size from $50,000 to over $30 million. Attorney John Paul Rieser is AV® Rated by Martindale-Hubbell®, a testament to his work on behalf of our clients.
Find out more about gifting and your estate plan from Rieser & Marx, LLC by calling (937) 224-4128 today.
Gifting is a great option for those who wish to provide for their friends, loved ones, or even favored charities with their estate, ensuring that their best wishes are executed in a way that provides for them for a considerable amount of time in the future.
Gifting does have some specific legal limits. For starters, gifts to individuals are limited to only $14,000 per year. However there is no limit to the number of people who can receive a gift up to this limit each year. Other beneficiaries, such as charities, can receive an annual gift of an unlimited size, and they are not even required to pay a tax on it until the gift reaches well over $5 million.
A skilled attorney will be able to walk you through the different nuances of gifting law. You may be able to gift more than the $14,000 limit by using a process called “gift splitting.” You also could choose to have a gift pay for a student’s tuition, room, board, and other expenses by having it transferred directly to their college or university. An estate planning lawyer can help walk you through the process for setting up each of them.
Contact Reiser & Marx, LLC online today and schedule a case evaluation to start preparing your estate for the future.