Federal Gift Tax Lawyers Serving Linwood and Cherry Hill, NJ

At Rice & Quattrone, PC, our goal is to ensure you take advantage of every option available under federal and state law to minimize the taxes you pay to the government. We will discuss how to qualify for federal gift tax exemptions and guide your tax planning efforts.

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 to wrongfully avoid taxation 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%. Importantly, federal and state gift tax exemptions may differ.

Disclaimer trusts are provisions within a will that allow a surviving spouse to disclaim a portion of their 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 various relevant tax laws interact with one another cause significant 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

At Rice & Quattrone, PC, our team has been practicing estate and tax planning for more than 30 years. We will use our knowledge and experience working with clients to explain how you can use the federal gift tax to your advantage.

Contact us online or call today to discuss how to make the most out of the federal gift tax when planning your estate. They personally draft their own documents to ensure that each and every detail of your estate tax plan is optimized to suit your personal needs.