Estate Planning | Gift Tax

Our Cambridge estate planning attorneys know that gift taxes are another important issue when planning an estate. Essentially, a tax is imposed on any gift made during one’s lifetime, subject to some exemptions. Some exemptions include gifts to a spouse, charitable gifts, and certain gifts for education and/or medial expenses. Additionally, each individual is given an annual $13,000 (adjusted for inflation, doubled for married couples) exemption per donee. Any amount that exceeds the annual exclusion is potentially subject to gift tax, unless you file a gift tax return and choose to apply part or all of your lifetime credit.

If you have a potentially taxable estate there are some gifting strategies that can be used in conjunction with estate planning to minimize your taxable estate.

If you have any questions about the gift tax or estate planning in general, please contact a Cambridge estate planning attorney today at 781-674-2562 to schedule a free consultation.