Gift & Estate Tax Planning

Gift and estate tax planning can be a complicated and overwhelming process for many people.  Fortunately, gift and estate tax planning services and tools can be used to protect your assets from excessive gift and estate taxes.  According to the IRS, the definition of the estate tax is a tax on your right to transfer property at your death and gift tax is the transfer of property by one individual to another while receiving nothing, or less than full value, in return.

Gift and estate taxes are generally referred to as “transfer taxes”.  Gift and estate taxes seek to limit the amount that you can give to others during your lifetime or at death. Many people think that estate taxes can be eliminated or minimized by transferring wealth among their loved ones.  An annual or one-time gift of cash or other assets can decrease the size of your estate and essentially the amount of estate tax that will have to be paid after death.  However, it is pertinent that you understand the federal gift tax laws and how your estate will be affected as a result of these gifts.

Frequently asked questions about gift and estate tax planning

Q:  Does the donor or the donee pay the gift tax?

A:  The donor usually pays the gift tax.  However, the donee may agree to pay the gift tax instead. When deciding who should pay the gift tax, please consult with your tax professional.

Q:  Are deductions available to reduce the estate tax?

A:  The following deductions are available to reduce estate taxes:  marital deduction, charitable deduction, mortgages and debt, administration expenses of the estate, and losses during estate administration.

At S. Dixon Law Offices, LLC, we will work directly with your financial planner or certified public accountant to develop a comprehensive estate tax plan that includes gift and estate tax planning.  We also employ a variety of gift and estate tax planning tools and strategies that include, but is not limited to, Revocable Trusts and Irrevocable Life Insurance Trusts (ILITS).

For Appointments Our Office Hours Are:

Monday – Thursday: 8:30 a.m. – 5:30 p.m.

Friday: 8:30 a.m. – 1:00 p.m.

Consultations & Fees

S. Dixon Law Offices, LLC offers flat fee pricing for all of our services.  Please call us at 404.445.0028 to schedule a consultation and learn about our flat  fee pricing.