Money or property with value that you give away as a gift during your life time may be subject to the federal gift tax or the state gift tax in some states. However, gifting of assets from one generation to another may be an effective way to minimize taxes on one’s estate, and certain gifts are not taxed. A well thought out gifting plan today can help you minimize how much tax, if any, that you may pay on the gifts you make and how much taxes the government ultimately collects from your estate. A gift taxation plan must be done properly in order not to expose you and your loved ones or beneficiaries to further taxes or certain penalties.
For additional information on how we can assist you in planning your gifting, don’t hesitate to contact or call us at (770) 962-7201. Your initial consultation is free.