We have talked a lot about the impending changes to the estate tax and the disaster that will happen when Congress does not act on it this year. We have told you that you need to see an estate planing attorney as soon as possible to make sure that this change does not affect your family. Today, we want to talk just briefly about how the attorney will assist you in making sure that you are not effected by the change.
The attorney will assist you to come up with a gifting plan. Basically, to avoid the estate tax, you take advantage of the gift tax exemption to give your property away now instead of leaving it to the estate tax. It is a simple concept. However, it needs to be carefully executed because you are limited in how much you can give to anyone one person or entity in any given year. That’s where the attorney helps you the most: structuring the gifts appropriately.
Talk to an estate planning attorney as soon as you possible can. Let the attorney help you make the gift tax exemption work for you before it is too late.
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