Linwood Federal Gift Tax Lawyers

At the Elder Law Offices of Nancy M. Rice, our goal is to make sure that you are taking advantage of every option available under federal and state law in order to minimize taxes paid to the government.

Contact our federal gift tax attorneys today to discuss how to qualify for federal gift tax exemptions.

Tax Exemptions Attorneys

Each person is allowed to give gifts worth up to $14,000 per year. If you give gifts worth more than $14,000, you must use your gift tax exemption. The lifetime gift tax exemption limit of $5.5 million prevents wealthy individuals from using it as a method to wrongfully avoid being taxed on their income.

If you give gifts with a total value of more than your annual personal gift-giving allowance and your gift tax exemption, you are taxed on the excess value of the gifts at 40 percent. Importantly, federal and state gift tax exemptions may differ.

Disclaimer trusts are provisions within a will that allows a surviving spouse to disclaim a portion of his or her estate and then transfer the disclaimed property into a trust. In this way, the surviving spouse can legally avoid being taxed.

The ways in which the different relevant tax laws interact with each other cause a lot of confusion and misunderstanding. It is crucial to retain a skilled and experienced estate tax attorney to advise you on the best way to optimize your estate plan so as to take advantage of the gift tax exemption or potential disclaimers without going too far.

Pennsylvania and New Jersey "Death" Tax Law Firm

Our attorneys have more than 25 years of experience with estate & tax planning. We will use our knowledge and experience working with clients to explain how you can use the federal gift tax to your advantage.

Contact our tax planning lawyers today to discuss how to make the most out of the federal gift tax when planning your estate. Our attorneys personally draft our own documents to ensure that each and every detail of your estate tax plan is optimized to suit your personal needs.