Gift and Estate Taxation
Have you heard the old saying that death and taxes are the two certainties in life?  Well, these two “certainties” can collide upon your or a family member’s passing depending upon the value of your estate, the assets owned an included within your estate and any gifts you made made during your life.
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When you dispose of property during life (a gift) or upon your death there are tax issues and considerations that may have big tax consequences. For example, will you pay tax upon a gift to a spouse or other loved one? Is the tax consequence now or in the future when you pass? What are the benefits and disadvantages of gifting property during your lifetime versus allowing your spouse, children or other heirs to inherit property and assets? Could you receive any benefit via a charitable gifting? What is the value of the gift? All of these questions are important considerations when considering your lifetime gifts or estate.
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The above are all important questions when and as you plan the transfer of your wealth and assets to family members and other loved ones or perhaps a charity. If you have questions regarding the taxation of a gift or your estate, speak with a tax attorney.
