Leveraged Lifetime Gifts: How To Minimize Tax Burdens For Your Loved Ones
Gift planning is crucial for large estates aiming to pass on wealth without incurring heavy estate taxes. Leveraged lifetime gifts are a way to take advantage of federal gift tax exemptions as part of a long-term estate and tax planning strategy. They can be highly effective in estate tax reduction. However, they require strategic foresight and careful planning.
Our lawyers can help you create a comprehensive tax planning strategy to preserve more of your wealth for your loved ones. At the Law Offices of Berge & Berge, we offer the advantage of a lead attorney who holds an LL.M. (advanced law degree) in tax law. Attorney James Berge has over 25 years of experience and is a board-certified specialist in estate planning, trust and probate law through the California Board of Legal Specialization. Our team can capably address complex tax issues to accomplish your goals and secure your legacy.
The Power Of Leveraged Lifetime Gifts
Leveraged lifetime gifts are a sophisticated estate planning tool designed to minimize your estate’s tax burden by maximizing federal gift tax exemptions. These gifts may use irrevocable trusts, life insurance trusts, family limited partnerships and other tools to increase the value of gifts transferred to your beneficiaries. This strategy not only reduces the size of your taxable estate but also allows the gifted assets to appreciate outside of your estate, further reducing potential estate taxes.
You should consider leveraged lifetime gifts if you:
- Have a large estate that could benefit from significant tax reductions
- Wish to see your heirs enjoy the benefits of your gifts during your lifetime
- Want to maximize the use of your federal gift tax exemptions
- Are looking for ways to pass on wealth to future generations in a tax-efficient manner
Our lawyers can review your situation and provide tailored guidance on how best to accomplish your goals, including through the use of leveraged lifetime gifts.
Explore Gift Planning Strategies As Part Of Your Comprehensive Estate Plan
Our attorneys understand the intricacies of leveraged lifetime gifts and are ready to help you put a customized tax planning strategy into place. To reach us, please send us an email or call our office in San Jose at 669-244-3546.