Estate Taxes
Many estate planning techniques have developed in response to a single fact: The federal and state governments may impose a tax when you transfer property to someone else after you die. The federal estate tax is imposed on most types of property that a person transfers at death. Many examples of property are obvious: stocks, cash, and real estate. However, the tax can also be imposed in situations in which the deceased does not own the property but can direct where it passes.
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Introduction to Estate Planning
Everyone has an estate plan, even if you have done nothing, due to the intestate succession laws.
The possible problems with intestate succession or an older estate plan is that:
- Assets may not pass according to your wishes.
- The federal government and the state in which you live may get much of what you own.
- Your family and friends may suffer undue inconvenience.
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Lifetime Gifts
The Limits on Giving
How Much May I Give Away Without a Gift Tax Liability?
One method of reducing your estate is through lifetime gifts. You can give $10,000 a year in cash or value of property to any number of different people without incurring a gift tax liability. (Note: Gifts of certain partial interests in property and gifts to trusts may not qualify for this exclusion.) You and your spouse as a married couple (if both are U.S. residents) can jointly give $20,000 per year to each recipient.
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Business and Financial Planning
Over the past few years, alternate forms of businesses have arisen. This is greatly due to favorable Revenue Rulings and the passage of final treasury regulations in 1997. If you have formed a business in the last ten years or have been operating in the same business form for many years, now may be the time to review your entity selection and determine if you are operating in the most efficient form of business. This insert is designed to educate you about the basics of the newest form of business entity, the limited liability company. However, bear in mind that this insert discusses merely the basics as applied to most LLC statutes throughout the nation, and is not necessarily true in Georgia and Alabama.
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Questions About Wills
I am going to see an attorney next week about preparing new wills for my spouse and me. What should we do to prepare for that meeting?
You should gather a variety of information in preparation for your meeting with your attorney and think about estate planning issues.
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Estate Planning Documents
Wills
If you don't have a will, you should make one. If you have one, review it to be sure that it describes your current situation. These are two of the most basic principles of estate planning.
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