Most have heard the saying that death and taxes are the two certainties in life. These two certainties may collide upon your death depending upon the value of your estate and the gifts you have made during your life.
The disposition of your property whether during life (through a gift) or at death requires proper tax considerations and planning. For example, what are the tax implications of gifting property to a loved one? What issues and considerations need to be made when comparing the gifting of property during your lifetime versus allowing your heirs to inherit your property? What benefits may you receive through charitable gifting? What is the value of the gift you have given?
The above questions are all important questions as you plan the transfer of your wealth and assets to loved ones and/or charities. If you have questions regarding the taxation of a gift or your estate, please feel free to contact The McGuire Law Firm to schedule a free consultation with a tax attorney and estate planning attorney.