fbpx Skip to main content

Is it possible to give a portion of your estate without paying gift taxes?

In certain situations, our clients want to gift assets to their children, grandchildren, or other loved ones. Instead of leaving a large inheritance when the client passes away, many clients want to watch their children enjoy a part of their inheritance while the client is still alive. It is quite enjoyable for a client to see their children, or grandchildren, enjoy a portion of their inheritance.

However, the IRS has placed restrictions on the amounts of gifts that can be made and even imposes Gift Taxes on certain transfers of property. It is important to understand the laws associated with making gifts, and it is more important to have knowledgeable advisors to help structure gift transactions in order to minimize or eliminate Gift Tax payments to the IRS.

We understand the gifting laws and specialize in assisting clients with the gifting process. Several of our attorneys have an advanced Law Degree, or LLM which is a Master’s Degree in Taxation and a few attorneys are also licensed CPAs. Where necessary, we prepare Gift Tax Returns (Form 709) required by the IRS when certain gifts are made. Our experience allows us to prepare those returns while minimizing or eliminating any taxes payable to the IRS. This allows our clients to reduce their tax burden and increase the amount they are able to leave to their loved ones.

Matt Dana

The Dana name has become the symbol of a quality Estate Plan in Arizona. It has taken over 34 years to develop and continues to strive for excellence in the Estate Planning community. At its core is Estate Planning lawyer Matt Dana. [Learn more about Matt]

Leave a Reply