Estate And Gift Tax Planning Needs Careful Consideration
July 3, 2015
A former president once said that government is like a baby: a voracious appetite at one end, and no control at the other. That voracious appetite takes the form of taxes, and if you have lived long enough and have made enough money to be able to contemplate estate tax planning, gift tax planning or both, then you should already be aware of just how hungry the government can be for your money.
The government’s quest for your hard earned money does not cease merely because you pass on. In a way, that event may be something that the tax collector looks forward to – because if you have not taken steps to preserve your estate assets, or have tried to do so but have made errors in the process, you will not be in a position to take any corrective action when that same tax collector predictably tries to take advantage.
If you are contemplating complex estate transfer matters such as business succession, special-needs planning, trust establishment, or even generation-skipping transfers, trusting these things to a do-it-yourself mechanism such as a software package or forms book can at the very least be risky and can lead to unwanted results. There are times when the safest bet is to work with an experienced and knowledgeable consultant; this is one of those times.
We at Boyes & Farina have extensive experience advising our clients in planning for proper management of estate tax and gift tax considerations that will not only minimize your exposure to unnecessary federal and Florida tax consequences but also work to provide you with protection from other variables, such as unpredictable economic circumstances and activities of creditors.
It took a sophisticated and careful methodology for you to build your estate into something worth protecting. We engage the same process when it comes to protecting when the time comes for you to pass along. Learn more about what we can do for you by visiting our website.