Tuesday June 27, 2017 12:01 pm

ESTATE PLANNING, FAMILY LAW & ADOPTION

In need of estate planning?

Our firm prepares wills & trusts and asset protection programs for all your estate planning needs, including protecting your real estate or high value items for your children or other relatives. We also represent clients in family law matters such as probate, trust administration, etc.

Additionally, we assist clients through the adoption process, including drafting and filing the necessary paperwork and assisting them at the necessary hearings in connection with the adoption of a child or adult.


How To Give Away More Than $13,000 In A Year As A Gift To Anyone Without Incurring A Federal Gift Tax

FACTS

The normal gift tax exclusion per year per donee is $13,000. There is no tax consequence no matter how many people you give the money or gift to whether cash or in some other form such as land, etc. If you have two children and two grandchildren by giving each of them $13,000 in some form your total nontaxable gift is $52,000. The gifts are not tax deductible unless given to a charitable organization as defined by the Internal Revenue Service.

HOWEVER, you can also pay unlimited medical and tuition expenses for the recipient donee AS LONG AS THE PAYMENTS ARE MADE DIRECTLY TO THE PROVIDER OF THE SERVICE. E.G. the doctor, the hospital, the clinic, the college or private school. These are not taxable gifts and are not considered part of the $13,000 limitation. So if tuition for your grandchild is $30,000 and you give the money directly to the school, it does not count toward the $14,000 limit on gifts.

MORAL
Plan your gifts wisely and your children and grandchildren can receive the benefit of your bounty without you feeling the burden of the IRS.

For more information on planning how to modify or create your trusts, wills and gifts, contact{

Sean Thordsen, Esq. at 888-667-8529


A Little Knowledge About Estate Taxes

FACTS

The 2010 Tax Relief Act revived the estate tax for decedents dying after December 31, 2009. The maximum estate tax rate is 35%, with an exclusion amount of $5,000,000. THIS IS A TEMPORARY ACT and is scheduled to end on December 31, 2012.

MORAL
Plan your estate now with a will, trust and or both BUT BE SURE TO REVIEW IT NOW so you can make plans for changes BEFORE DECEMBER 31, 2012.


A Simple Inexpensve Living Trust Can Save You A Lot Of Grief

CONTACT SEAN THORDSEN, ESQ FOR A FREE CONSULTATION AT 888-667-852

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