Dedicated estate planning attorneys assisting clients with all of their estate planning needs in Libertyville and Arlington Heights.
Many individuals wish for their loved ones to retain the maximum amount of their money after they can no longer enjoy the fruits of their labor. Unfortunately, some portion of funds will be subject to taxes. There are a few ways to avoid paying taxes by lowering the total amount of your estate through gifting. Through proper planning, our attorneys can assist in lowering the amount of taxes that will be due upon the death of you or your loved one. Newland & Newland, LLP is a full-service estate planning law firm with offices located in Arlington Heights and Libertyville. For personalized representation and service driven results, contact your Mundelein Illinois attorney today.
In Illinois, an individual may make lifetime gifts to any number of individuals without the individual having to pay a gift tax so long as the amount is not above the annual exclusion permitted. Any amount of gifts in excess of the allowable exclusion may result in a tax being due. However, the total gift may far exceed the annual gift exclusion amount without being subject to tax if gifts are made to charitable organization. This is because the annual exclusion does not include monetary gifts given to charities.
The amount of the annual exclusion typically increases from year to year. Depending on the size of your estate, it is crucial to begin planning for estate early to ensure that you can maximize your lifetime gift awards. The attorneys at Newland & Newland, LLP can assist you in meeting your needs by providing diligent representation to accomplish your goals.
Factors that Impact Gifting
While gifting to avoid paying taxes is often a great option for families, it should not be taken lightly. Before deciding to gift any sum of money, discussions are necessary to ensure that the decision is right for you. One of our attorneys can help you ensure there are no unintended consequences as a result of your lifetime gifts. In addition, the donor should consider their financial circumstances to determine whether they are in a position to make a gift looking to their future health and well being. These topics are just a few of the discussions that you or your loved one will have with one of our experienced estate planning attorneys.
Contact Newland & Newland, LLP
Advanced planning is the best way to ensure that your financial interests are being protected. After working so hard to build your financial wealth, you need to ensure that your hard work benefits your family after your passing.
Estate planning considerations should not be taken lightly. It requires diligent representation and patience to ensure that your wishes will be carried out in the event you are involved in a life threatening accident, experience an illness, or pass away. Our attorneys will take the time to ensure that you are certain of your wishes and understand the agreement you are entering into. Prior to deciding to give a gift, you should seek personalized representation, contact an attorney at Newland & Newland, LLP.