Estate and gift tax planning for families and business owners.
Prospective clients may complete any of many generally available estate planning questionnaires to help organize useful information. Click the link below for one that may be helpful to begin with.
Exemption Levels Change
The federal estate and gift tax exemption has been raised, lowered, and adjusted by legislation many times over the years. It will change again.
Because exemption levels are a policy choice rather than a fixed number, planning that assumes today's rules are permanent may not hold up over time. For many families, estate and gift tax planning works best as an ongoing consideration rather than a one-time event.
Changes in the law, in family circumstances, or in the value of a business or other assets can all be good reasons to review an existing plan.
Weintraub Law Group concentrates in three areas where the cost of the wrong attorney is highest: capital formation, business transactions, and securities litigation support.
State Taxes Can Add Another Layer
Federal law is only part of the picture. Some states impose their own estate tax, some impose an inheritance tax, some impose both, and others impose neither. State exemption levels are not always the same as the federal exemption.
For clients with a residence, property, business interests, or beneficiaries in more than one state, those differences can affect how assets are held, how transfers are structured, and who ultimately receives what.
Planning Tools
Estate and gift tax planning is rarely a single document. It often involves several tools working together. Which ones fit, if any, depends on the facts of your situation and your goals.
Lifetime Gifts
Gifts made during life can be coordinated with the plan for what passes at death.
Trusts
Certain trusts may be used to address estate tax, family, or charitable goals.
Family Entities
Family partnerships and LLCs can help hold and transfer family assets over time.
Charitable Planning
Charitable goals can be integrated into the broader estate plan.
Life Insurance Planning
Insurance can play a role in providing liquidity for heirs or for taxes.
Periodic Review
Plans may need adjusting as tax laws, assets, and family circumstances change.
A Legal and Tax Perspective
Estate and gift tax planning sits at the intersection of legal structure and tax consequences. A transfer that makes sense from a legal standpoint may have income tax, gift tax, or estate tax effects that also need to be considered.
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Frequently Asked Questions About Estate and Gift Tax Planning
What is the difference between the estate tax and the gift tax?
The estate tax applies to certain transfers at death, and the gift tax applies to certain transfers during life. The two are coordinated, so lifetime gifts can affect what is available at death.
Is the federal exemption going to change again?
It has changed many times before and will change again. Because exemption levels are set by legislation, it is worth reviewing your plan periodically rather than relying on any single number.
Does Maryland really have both an estate tax and an inheritance tax?
Yes. Depending on who receives the assets, a Maryland estate may be subject to one or both.