Fort Myers Family & Gift Trust Lawyer
Most people know that wills are used to transfer property and other assets to desired beneficiaries after death. What many do not know, however, is that there are other estate planning documents that, when drafted and executed properly, can confer benefits on loved ones during one’s lifetime, while taking advantage of potentially significant tax benefits.
During more than a decade in practice in Southwest Florida, we have become one of the most established estate planning firms serving Fort Myers and surrounding areas.
How Can A Gift Trust Benefit You And Your Family
Under federal tax law, monetary gifts to individuals (such as family members) that exceed a certain amount must be reported as a gift and taxed appropriately. The IRS sets a limit on the amount of a gift that can be made to any one person in a year; this is referred to as the annual exclusion.
For 2014, the annual exclusion is $14,000. This means that individuals can give an unlimited number of beneficiaries a maximum of $14,000 without having to pay gift taxes on the transfers. By using a gift trust, individuals may be able to obtain additional financial benefits as well as the security of knowing that gift funds will be distributed appropriately.
Unlike an outright transfer, gift trusts can also be structured to take into account particular needs a family member might have. This might come into play with a beneficiary who needs financial supervision, or who has extensive medical care needs.
Contact Fort Myers Kuhn Law Firm, P.A.
Our experienced Fort Myers family trust lawyers can evaluate your complete estate planning needs beginning in a free consultation. To speak with a lawyer, call 239-344-9430 (877-243-1624 toll free) or send an email.