Insight on Estate Planning - October/November 2016

Adler Pollock & Sheehan P.C.
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Gift giving made easy -

Annual exclusion reduces your taxable estate -

How can you reduce the size of your taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts and other sophisticated estate planning techniques. But one of the most effective methods is also the simplest: leveraging your annual gift tax exclusion. Using this technique can cut down your estate to a manageable size without paying any federal gift tax.

Annual exclusion primer -

Using the annual gift tax exclusion, you can give to an unlimited number of family or friends cash or property valued up to a specified amount each year without owing any gift tax — so long as the gifts are considered to be “present interest” gifts. In general, a present interest gift is one in which the beneficiary has an unrestricted right to immediately use and enjoy the property. If you repeat the gifting strategy over several years, you’ll see your taxable estate dwindle, while still keeping the assets within the family.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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