Scottsdale Federal Estate & Gift Tax Planning
Understanding Gift Taxes
Did you know that the federal government is capable of taxing gifts? Unless you donate money to a charitable organization or make some other non-taxable gift, you may be required to pay taxes if your accumulated gifts exceed the annual exclusion of $13,000 as stated by the Internal Revenue Service (IRS). Examples of taxable gifts are defined by the IRS as "any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return). If at any time you give a give of $13,000 or more to someone, you will be required to pay taxes on the difference.
Exclusions to gift taxes are:
- Gifts that are less than the maximum exclusion
- Gifts toward tuition or medical care (educational and medical exclusions)
- Spousal gifts
- Gifts to a political organization for its use
Gift Taxes & Estate Planning
When going through the estate planning process, it is important to consult with a Scottsdale estate and gift tax attorney to ensure that you will not be negatively affected by gift taxes. You and your spouse could agree to gift splitting so that you do not breach the annual exclusion, or you could avoid giving overly large gifts so that you are not taxed for them. Learn more today by consulting with Grant N. McKeehan, PLC.
Speak with a Federal Estate & Gift Tax Lawyer
Attorney Grant is experienced in estate law and federal tax law and could counsel and guide you through the process of estate and gift tax planning. The process is not simple, which is why you need the experienced assistance of a Scottsdale gift tax attorney. Protect your assets and your estate by contacting Grant N. McKeehan right away to schedule a consultation appointment.