Accumulating wealth over the course of a lifetime is often driven by two parallel objectives: maintaining personal financial security and creating opportunities for the next generation. As such, people often hope to leave a meaningful inheritance to children or grandchildren, whether in the form of real estate, investments, business interests, or other valuable property. While they may be clear on who their beneficiaries are and even what they wish to gift, they may be unsure whether they want … [Read more...] about Is It Better to Gift Assets During My Lifetime or After I Am Gone?
Gift Tax
Advantages of Lifetime Gifting
One of the most important aspects of estate planning is gifting assets. Not only must you decide how to pass down assets, but you also need to decide when to gift assets. There are several important benefits to gifting assets during your lifetime rather than waiting until your death. To help you decide when to make estate gifts, the Indianapolis attorneys at Frank & Kraft explain the advantages of lifetime gifting. Control Over Gifts One of the most significant advantages of gifting … [Read more...] about Advantages of Lifetime Gifting
Estate Planning Strategies to Help Avoid Gift and Estate Taxes
When it comes to estate planning, your goals should include protecting your estate assets both during your lifetime and during the probate of your estate. One way to do that is to minimize or avoid federal gift and estate taxes. These taxes can significantly reduce the value of the estate you plan to pass down to loved ones; however, there are a variety of estate planning tools and strategies that can help. To get you started, the Indianapolis attorneys at Frank & Kraft explain some common … [Read more...] about Estate Planning Strategies to Help Avoid Gift and Estate Taxes
Understanding Gift and Estate Taxes: A Comprehensive Guide
Whether you are creating your own estate plan or managing the affairs of a recently deceased family member, familiarity with gift and estate taxes is crucial. These taxes, imposed by both federal and certain state governments, can significantly impact an estate's assets. Having a grasp of their workings is vital to safeguarding valuable assets. With that in mind, the Indianapolis attorneys at Frank & Kraft offer a comprehensive guide to understanding gift and estate taxes. Federal Gift … [Read more...] about Understanding Gift and Estate Taxes: A Comprehensive Guide
Four Important Facts About the Gift Tax Limit
If there’s an area of taxation that’s more misunderstood than the gift tax, you’d be hard-pressed to find it. The fact is that myths and misconceptions about this tax and its limits are more common than most people would ever guess. There are still untold millions of American who confidently assume that they’re free to just give away as much of their property as they’d like without ever confronting any tax issues. That misconception, and others, can create problems that can be difficult to … [Read more...] about Four Important Facts About the Gift Tax Limit
Learn How the Annual Gift Tax Exclusion Can Impact Your Planning
Much has been written and said about wills, trusts, and other estate planning tools and strategies for distributing assets to heirs. And yet there will always be those among us who prefer a different approach to bequests. If you’ve been thinking about giving your heirs their inheritance while you’re still alive to see them enjoy it, then you’re not alone. Many Americans choose that option, and for a variety of different reasons. Before you make any serious plans to give your estate away to your … [Read more...] about Learn How the Annual Gift Tax Exclusion Can Impact Your Planning
The Annual Gift Tax Exclusion: How it Can Help with Your Estate Planning
As complex as estate planning is in a general sense, many of the finer points involved in creating a sound plan can be even more confusing for the average person. Take estate taxes, for example. You will often hear analysts and others dismiss concerns about this tax on the basis that only about one percent of estates are ever subject to its provisions at the federal level. While there is some truth to that argument, it fails to address a broader truth: though the current law exempts estates with … [Read more...] about The Annual Gift Tax Exclusion: How it Can Help with Your Estate Planning
Gift Tax Law Closes Window of Opportunity
When you give gifts to others, they are potentially subject to taxation. The gift tax law exists to stop people from giving gifts to avoid the estate tax. Most people do not pay the tax because the gifts that they give fall within the amount of the annual gift tax exclusion. In 2016 the amount of this annual gift tax exclusion is $14,000. This is a per person exclusion. You as an individual taxpayer can give as much as $14,000 to any number of others before the gift tax would become … [Read more...] about Gift Tax Law Closes Window of Opportunity
Can You Give Large Tax-Free Gifts?
Financial success is the goal, and for the most part, it is very rewarding when you reach you accomplish your financial objectives. At the same time, there are some challenges that go along with wealth building. When you are planning your estate as a high net worth individual, you have to be aware of the potential imposition of the federal estate tax. This tax carries a 40 percent maximum rate, so your family can lose a significant amount of wealth if the estate tax is a factor for … [Read more...] about Can You Give Large Tax-Free Gifts?
Free Report: What Are the Indianapolis Gift Tax Exclusions?
There is a federal gift tax in place, and it has been around continuously since 1932. To provide some historical background information, the estate tax was enacted in 1916. During the first few years, people who were exposed to the estate tax gave gifts to their family members to avoid the tax. The gift tax was enacted in 1924 to close this window of opportunity. Some people were not happy with this arrangement, so pressure was applied, and the gift tax was repealed in 1926. In 1932, the gift … [Read more...] about Free Report: What Are the Indianapolis Gift Tax Exclusions?
