Estate and Gift Tax Planning

Estate and Gift Tax Planning

Thoughtful estate and gift planning helps you preserve your wealth and pass it on to your designated beneficiaries in the manner you choose. There are many objectives, financial and nonfinancial, to consider in the planning process. And because these are likely to evolve over time, it makes sense to review your plan periodically.

Our planning experts working with your legal advisors to design tailored estate planning strategies that lower tax obligations and reduce probate expenses. Gift tax planning protects the wealth of your loved ones by remaining current on the constantly changing gift tax regulations and planning accordingly.

For most of us, estate planning is not about taxes; it’s about how we want our assets distributed. And in most cases, that boils down to executing a few key documents: a will, a durable power of attorney and advance medical directives, and occasionally one of several types of trusts.

It is important to understand how gifting works because the federal estate tax exemption can change over the years as will the value of your net estate. HBK helps you stay within legal limits, keep asset appraisals up to date and document gifts in case the IRS challenges the gifts or the values.

HBK estate and gift planning experts help you with a variety of planning strategies including:

Lifetime strategies:

  • Leveraged gifting through proper use of discounts
  • Trust planning to address non-tax needs, A-B trusts and charitable giving
  • Use of irrevocable life insurance trusts (ILIT) to keep assets out of the estate and provide funds for estate tax liabilities
  • General estate tax planning to minimize transfer tax burden

Post-mortem strategies:

  • The use of qualified disclaimers
  • Asset division and trust funding
  • Use and reduction of wealth through powers of appointment

Most importantly, we work with you to ensure your assets are and will be distributed according to your intentions.

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