• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veterans Benefits
  • Seminars
  • Areas We Serve
    • Ballwin
    • Chesterfield
    • Clayton
    • Creve Couer
    • Des Peres
    • Edwardsville
    • Fenton
    • Glen Carbon
    • Glendale
    • Kirkwood
    • Maryland Heights
    • Oakland
    • Sappington
    • St. Louis
    • Sunset Hills
    • Valley Park
    • Webster Groves
  • Resources
    • Asset Protection Worksheet
    • Elder Law Resources
      • Chesterfield Elder Law
      • Fenton Elder Law
      • Kirkwood Elder Law
      • Sunset Hills Elder Law
      • St. Louis Elder Law
      • St. Peters Elder Law
      • Webster Groves Elder Law
    • FREE Estate Planning Seminars
    • FREE Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
    • Multimedia
    • Newsletters
    • Presentations
    • Pre Consultation Form
    • Probate Checklist
    • Probate Resources
    • Retirement Planning Checklist
    • Special Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning For Niches
      • Trust Administration
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us

Amen, Gantner & Capriano | Your Estate Matters, L.L.C.

St. Louis Estate Planning & Elder Law Attorneys

Logo
CONNECT WITH US TODAY (314) 966-8077
ATTEND A FREE WEBINAR
Home / Estate Planning / Inheritance Planning In Action

Inheritance Planning In Action

May 14, 2012

Estate Planning Tagged With: Estate Planning, Inheritance Planning, Legacy Planning

Estate planning is all about making preparations for giving, and of course these gifts are going to change hands after you pass away. However, you can actually take action while you are still alive by giving gifts to the people that you intend to leave bequests to eventually. This practice can serve multiple purposes. For one, you get the personal satisfaction that goes along with an act of generosity. For another, you proactively transfer assets free of taxation. And thirdly, as you are giving gifts you are reducing the overall value of your estate for estate tax purposes.

One thing to consider when you are contemplating gift giving is the fact that there is a gift tax in place. The estate tax and the gift tax are unified, and there is a $5 million unified exclusion that can be used to give gifts in a tax-free manner. But, if you were to give $5 million in gifts during your lifetime using this exclusion the entirety of your estate would be subject to the estate tax. So giving gifts using this lifetime exclusion is not going to provide you with any estate tax efficiency.

However, the lifetime exclusion is not the only gift tax exemption. Each individual is entitled to give as much as $13,000 to any number of recipients each year as a tax-free gift. Since this is a per person exemption a married couple could give as much as $26,000 tax-free.

So if you want to bestow a gift on your daughter and her husband both you and your spouse could give each of them $26,000 every year, equaling a total annual tax-free transfer of $52,000. If you were to give these gifts over a number of years you could wind up transferring a significant sum of money without incurring any tax liability. And while you are doing so you would be reducing the value of your estate and mitigating your eventual estate tax exposure.

 

  • Author
  • Recent Posts
Paul Gantner
Paul Gantner
I am an owner of Amen, Gantner & Capriano, Your Estate Matters, L.L.C. I have been able to bring my business and legal education and experience into a firm that has for many years provided comprehensive estate plans that meet clients’ needs and expectations.My passion has been creating and constantly pushing AGC’s mission of “Helping Families Secure their Legacies by Embracing them into the Law Firm Family through Long-term, Personal Advisory Relationships.”
Paul Gantner
Latest posts by Paul Gantner (see all)
  • How Tax and Non-Tax Considerations Impact Estate Planning – Part II - May 25, 2023
  • How Tax and Non-Tax Considerations Impact Estate Planning – Part I - May 18, 2023
  • The Joy in Joint Trusts - May 11, 2023

Filed Under: Estate Planning Tagged With: Estate Planning, Inheritance Planning, Legacy Planning

Other Articles You May Find Useful

How Tax and Non-Tax Considerations Impact Estate Planning – Part I
The Joy in Joint Trusts
The IRS’ Annual Warning: The 2023 Dirty Dozen
What’s in President Biden’s Revenue Proposals?
Medicaid Planning
What Bruce Willis Can Teach Us About Incapacity Planning

About Paul Gantner

I am an owner of Amen, Gantner & Capriano, Your Estate Matters, L.L.C. I have been able to bring my business and legal education and experience into a firm that has for many years provided comprehensive estate plans that meet clients’ needs and expectations. My passion has been creating and constantly pushing AGC’s mission of “Helping Families Secure their Legacies by Embracing them into the Law Firm Family through Long-term, Personal Advisory Relationships.”

Primary Sidebar

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • twitter
  • linkedin
  • youtube

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Where We Are

Amen, Gantner & Capriano
10733 Sunset Office Drive, Suite 425
St. Louis, MO 63127

See Larger MapGet directions

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 12:00 PM

Map

map for Amen, Gantner & Capriano Your Estate Matters office
  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Footer

Connect to us

  • Facebook
  • twitter
  • linkedin
  • youtube
footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.

Amen, Gantner & Capriano,
Your Estate Matters, LLC

Attorney Advertisement