Estate and Gift Tax Planning

The attorneys at Bergen & Parkinson, LLC are experienced in assisting you with gift planning and understanding the complexity of state and federal gift tax law. Spreading gifts throughout your lifetime is a great strategy to help reduce estate taxes. In 2017, you can make an unlimited number of $14,000 gifts annually of cash ($28,000 for couples) or other property, to an individual completely tax-free. However, there is a lifetime estate tax exclusion of $5.49 million, meaning that estates valued higher than that amount must pay an estate tax. A well planned estate that includes periodic gifting can reduce this tax liability for high wealth clients.