Did you know that certain gifts are exempt from gift tax?

Secure Your Legacy While Helping Your Loved Ones

At Phillips Law Group, we recognize the importance of sharing your wealth with your family and loved ones while minimizing tax liabilities. That’s why we work with the team at our sister law firm, Dayes Law Firm, on gift taxation services. 

Gift taxation can be complicated, but our skilled attorneys are here to help guide you through the complexities involved and make the most of your generous spirit. We provide personalized, thorough gift tax planning services to make sure your gifts are both meaningful and tax-efficient.  Fill out the contact form below to get started with your Free Consultation with a gift taxation lawyer!

Why Gift Tax Planning is Important

Strategic gift tax planning helps you share your wealth while minimizing tax burdens. Here’s why it matters:

• Tax Efficiency: Reduce or eliminate gift taxes by leveraging annual exclusion limits and lifetime exemptions.
• Wealth Transfer: Transfer wealth to your heirs efficiently during your lifetime, reducing the size of your taxable estate.
• Charitable Giving: Maximize the impact of charitable donations and benefit from potential tax deductions.
• Educational and Medical Expenses: Pay for loved ones’ education or medical expenses directly to avoid gift taxes and provide support for their needs.

Gift Tax Planning Services

Our mission is to guide you in making informed choices that reflect your financial goals and values. Here’s what our gift tax planning attorneys offer:

• Personalized Consultation: We begin with a detailed evaluation to better understand your financial situation, goals, and those in line to receive your gifts.
• In-Depth Analysis: The attorneys we work with at Dayes Law Firm perform a detailed evaluation of your estate and gift tax circumstances to uncover potential tax-saving opportunities.
• Strategic Planning: We craft a personalized gift tax plan that maximizes your annual exclusion and lifetime exemption while assessing your long-term legacy planning goals.
• Documentation and Compliance: We take care of all required paperwork and ensure adherence to IRS regulations, allowing you to focus on the joy of giving.
• Continuing Support: Gift tax laws can change, and your financial situation may change, too. We provide continuing support to adjust your plan as needed.

Why Choose Phillips Law Group and Dayes Law Firm?

• Experienced Attorneys: The team of experienced attorneys we work with has expansive experience in gift tax planning, guaranteeing your strategy is both effective and in compliance.
• Client-Centered Approach: We make your needs and goals a priority, offering personalized and focused service every step of the process.
• Transparent Pricing: We offer straightforward pricing from the start without hidden fees, so you know exactly what you’re paying when you begin your gift tax planning journey with us.
• Dedication to Excellence: We are committed to delivering top-quality legal services, ensuring your gift tax plan is thorough and effective.

Set Up Your Consultation With a Gift Taxation Attorney

Maximize your generosity and reduce tax liabilities with gift tax planning. Reach out to Phillips Law Group to work with our sister firm, Dayes Law Firm, today to schedule a consultation with a gift taxation lawyer and begin developing a tax-efficient strategy for sharing your wealth. Our committed team is ready to offer the guidance and support you need to secure your financial legacy.

Questions? We Have the Answers

What is the gift tax, and when does it apply?

The gift tax is a federal tax on the transfer of money or property to another person without receiving anything, or less than full value, in return. It applies when the gift’s value exceeds the annual exclusion amount set by the IRS. For 2023, the annual exclusion is $17,000 per recipient.

What is the annual gift tax exclusion?

The annual gift tax exclusion is the amount you can give to an unlimited number of individuals each year without triggering gift tax. In 2023, this amount is $17,000 per recipient. Gifts below this threshold do not need to be reported to the IRS.

How do lifetime gift tax exemptions work?

In addition to the annual exclusion, there is a lifetime gift tax exemption, which is the total amount you can give throughout your lifetime without incurring gift tax. For 2023, the lifetime exemption is $12.92 million. Gifts exceeding the annual exclusion will reduce this lifetime exemption.

Do I need to file a gift tax return?

You must file a gift tax return (Form 709) if you make any gifts that exceed the annual exclusion amount. However, you typically won’t owe any gift tax unless your total lifetime gifts surpass the lifetime exemption. The return is due by April 15 of the year after the gift is made.

Are there exceptions to the gift tax?

Yes, there are some exceptions to the gift tax:

• Gifts to your spouse are typically not subject to gift tax.
• Payments made directly to educational or medical institutions for someone’s tuition or medical expenses are also excluded.
• Gifts to qualified charitable organizations are exempt from gift tax as well.

These exceptions enable you to transfer substantial amounts without incurring the gift tax.