Gift & Estate Planning is essential to making sure your lifetime of hard work and financial investment pays off in the end. As difficult as it may be to face, failing to arrange for the management and distribution of your estate after you pass away – the sum of your properties, bank accounts, and other assets – will deprive your loved ones and other beneficiaries from receiving everything you have in mind for them.
The following are just some of the tax considerations that must be weighed in any estate plan:
- If you die without a Will, your estate will automatically come under probate, a court-supervised process for administering and distributing your estate. A probate court is unlikely to handle your estate as optimally as you would prefer.
- Does your plan take into account the marital deduction, which minimizes taxes?
- Has proper use been made of joint tenancy with the right of survivorship?
- Do you know about the income and gift tax consequences of setting up, transferring or selling any join interests?
- Are you using trusts to your advantage?
- Have you designated beneficiaries and ownership of life insurance policies?
- Do you have enough liquid assets in your estate to pay taxes?
These questions and considerations only scratch the surface of what an effective and comprehensive estate plan must take into account. Quilca CPA Group can work closely with you to devise a plan and structure for your estate that meets your unique goals and circumstances. We have an in-depth understanding of the tax implications of gifting or passing on your estate, and can find ways to reduce your tax burden while maximizing what passes to your beneficiaries.
As certified public accountants, we are distinguished from the average accountant by a rigorous standard of education, training, and experience. We’re qualified to serve as your trusted advisors on every aspect of your estate plan. Call (786) 310-5582 or email [email protected] to schedule an appointment and put your estate on the right footing.