Currently, if you give more than $14,000.00 a year in cash or assets to any one person, you must file a gift-tax return with the government. In 2013 the top tax rate for gifts and estates was 40%. In addition, the excess amount will be applied toward your unified lifetime gift and estate tax exclusion of $5.25 million.
Giving helps you reduce your taxable estate and can provide advanced help to your beneficiaries. However, you must plan carefully so you do not outlive your assets. There are several ways to give gifts without incurring a gift tax. One is to pay an unlimited amount in medical or educational expenses for another person if, you give the money directly to the institutions where the expenses were incurred.
Bradford Miller can help you with your estate planning needs. As you can see, it isn't just about how you want your assets distributed after you die, it's also about deciding how much you want to give while you are still alive.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
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