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Preserving Your Wealth: Estate, Gift and Trust PlanningGift PlanningA lifetime gifting strategy will help diminish your estate while providing assistance to your family now and should be a part of the overall estate planning process. Estate and gift planning can be a huge task. You'll want to work with professionals with the highest level of expertise to ensure compliance with the law and minimization of tax consequences. Our team understands the challenges and opportunities of proper estate and gift planning, and will assist you with your annual and lifetime gift planning and reporting. Annual Gift ExclusionIn 2003, you may gift up to $11,000 to any number of people without incurring federal or North Carolina gift tax. A married couple can gift up to $22,000 to the same person without making a taxable gift. (However, a tax return may be required to report the "split" gift, so such gifts should always be discussed with your tax preparer.) Spouses may make unlimited lifetime gifts to each other. In addition, gifts to qualified charities and gifts of tuition or medical expenses that you pay directly to the qualified institution are not taxable. In addition to the $11,000 annual exclusion, North Carolina imposes a $100,000 lifetime "specific exemption" amount per donor for gifts to children, grandchildren, stepchildren and parents. Gift tax returns are due April 15. Charitable Gift PlanningMany families wish to consider a plan that accomplishes both their charitable giving goals and their tax objectives. We can work with you to devise different giving options and to consider the tax ramifications of the different scenarios you choose. For more information about charitable gifting, contact info@WilliamHBunchCPA.com or call 919-929-0595. This information is not to be considered legal or tax advice. Trusts are legal documents and must be prepared by your attorney. Discuss the individual tax ramifications of any financial decision with your Certified Public Accountant to ensure compliance with federal and state laws.
William H. Bunch, CPA, PA |
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