When it comes to transferring wealth to your spouse, children, or others, there are many factors to consider, such as the intricate web of federal and state tax laws. At our firm, we specialize in evaluating how income taxes, estate and gift taxes, and generation-skipping taxes impact your wealth transfer plans. Our goal is the find strategies to minimize these tax burdens.
- Maximizing use of the annual exclusion from gift taxes and the lifetime exemption from gift and estate taxes.
- Coordination with family financial advisors to ensure a proper income stream for life while making large lifetime gifts to best use available exemptions.
- Generation-skipping transfer tax planning through dynastic planning structures.
- Reduction in the impact of income taxes including planning with cost basis updates at death and charitable deduction planning.
- Preparation of gift tax returns, estate tax returns, and portability elections.