Estate and Gift Tax Planning
Develop and maintain the perfect planASK AN ADVISOR
You’ve been successful and your net worth has grown — now what?
If you have amassed a certain amount of wealth, these questions may be on your mind:
Estate and gift tax planning is first and foremost about planning for the future disposition of the wealth you’ve accumulated over your life so far. Gift planning is about transfers during your lifetime and estate transfers will take place after your death.
The strategy behind transferring certain amounts tax-free during your life and/or at death is the core of effective tax planning.
A skilled approach will balance the dynamics of taxes, business succession planning, cash flow, and family needs.
When planning how to transfer wealth, consulting with an experienced tax advisor is important. This will ensure all of your decisions are done in a tax efficient manner and you are effectively getting your assets to the individuals, groups, or entities of your choosing.
Keep in mind: business and family situations change. It is important that you revisit your plan every three to five years or after any major shift in tax laws or your life.
Our sophisticated, consultative approach ensures you consider the tax and non-tax implications of your plan, enabling you to fulfill your goals and preserve your estate.
It takes a lifetime to build your estate and legacy. Make planning a priority. Let us help.
How will your estate be taxed at your death?
Will there be sufficient liquid assets to pay taxes?
What is your specific plan for property to be transferred?
Is your family situation complex, requiring creative solutions to meet your objectives?
Estate planning requires computing the potential financial implications of your decisions, weighing those implications in terms of your personal, overall estate goals.
Documents such as wills and trusts can then be drafted by an attorney to ensure that your plan is implemented based on your personal desires.
For wealth preservation that will transcend generations, your Smith + Howard tax advisors will coordinate this process with legal and other professionals.
We will identify strategies related to your business and personal assets, including review of trusts, liquidity needs, philanthropic planning, and more.
We are equipped to guide you in all of these matters, ensuring your wealth not only benefits you now, but has a positive impact on future generations.
An important aspect of estate planning is the consideration of making gifts during your lifetime.
Why would you want to give away your assets while you are still alive?
Some reasons include:
There are many ways to transfer assets, including outright gifts, gifts through trusts, bargain sales, and using family partnerships, to name a few.
With us, you will receive a thoughtful analysis that reveals the tax impacts of using various gifting strategies. In addition to looking at the tax implications, we consider your financial needs and what you need to maintain your lifestyle.
There are numerous ways to proactively avoid paying taxes on gifts during your life as well as ways to safeguard your wealth as your family grows. We will help you navigate this important area and develop a plan that can grow and change with you.
How can you ensure that the transfer of your assets during life and death are carried out in accordance with your plans?
If set up properly, trusts can provide this assurance.
Trusts are an important part of planning for gifts during your lifetime and bequests at your death as they provide the rules for how your wealth is ultimately distributed.
Trusts can protect your assets from unplanned events such as divorce, bankruptcy, and competency concerns. Once you determine that trusts should be part of your planning, it is important to review the terms of the trust.
Your tax team at Smith + Howard understands that these and other considerations should be factored into the drafting of any trust you set up.
We can work with you to determine if the use of trusts would be appropriate for you and your family.
“Their mindset is different. They’re constantly looking to see what our objectives are and they’re giving us the best possible advice and keeping up with all the rules and regulations. It’s like having an expert looking over your shoulder with what you’re doing.”Raj Anand, CEO, Southern States, LLC
We have been an established firm for more than five decades and we like to say that tax is in our DNA. This is because tax is foundational to helping our clients maximize their wealth.
Having the right tax strategy will have a positive impact on your financial health and well being.
Our solutions take into account your big-picture goals, and we will provide rich and meaningful counsel to ensure you are positioned to meet the long-term goals for you and your family.
Our services include:
Our roots going back over half a century were grounded in tax. Today, while we can serve every aspect of your business’ financial life, we still stand on a strong tax foundation.
When consumers purchase goods and services, they pay indirect taxes.
As a high-net-worth individual, you need a partner working as hard to protect and grow your wealth as you did to accumulate it – a partner who is on the same page as you about how your life, family and goals evolve over time and commits to preserving what you’ve built.
Contact us to learn more about how our private client tax services can help you.
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