Estate and Gift Tax Planning
Tax planning is an integral part of any estate plan. Depending on the size of your estate and your marital status, you may be able to eliminate your estate tax burden by simply including one or more trusts for the surviving spouse in your will or revocable trust. For larger estates, lifetime gifting can aid in reducing the eventual estate tax burden.
For those larger estates, you can use one or more asset transfer tools to reduce your eventual estate tax burden. Such tools include, but are not limited to, outright gifting to family and friends, irrevocable life insurance trusts (ILIT); dynasty trusts; qualified personal residence trusts (QPRT); intentionally defective grantor trusts (IDGT); grantor retained annuity trusts (GRAT); and various Charitable Trusts (CRT or CLT).
For clients with business interests or real estate holdings, gifts of partial interests in these assets can leverage your available federal estate and gift tax exemption.
Clients with generational wealth or with successive generations of high earners often benefit from multi-generational estate tax planning. Dave enjoys working with different generations of the same family to ensure that each generation’s plan works to minimize the estate taxes at each generational level.
Please contact Dave to learn how Greenberg Estate Planning, PLLC can assist with your estate and gift tax planning.
