Schedule a Consultation 818.528.5553
Your Future Is in Trusted Hands with Tisser Law Group, APC San Fernando's Leading Estate Planning Firm for Nearly Half a Century

Encino Gift & Estate Tax Planning Lawyers

Protecting Your Assets From Taxation

When planning your estate, it is important to also plan for potential estate and gift taxes. Federal and state estate tax laws can have a high impact on the assets eventually available to beneficiaries. Without proper planning, your beneficiaries may not inherit what you truly intend for them.

Understanding Estate Taxes in California

The value of the assets you own upon your death which exceeds your lifetime exclusion amount will be subject to taxes unless they are left to a surviving spouse or to a charity. Even if you leave the assets to your surviving spouse, those assets will likely be subject to estate taxes when your spouse dies and leaves the assets to his or her beneficiaries.

In addition to minimizing estate taxes, it is important to do estate planning to ensure that there are sufficient liquid assets available to pay estate taxes when they are due nine months after you die. This is especially true in Southern California, where increasing real estate values have placed many people in potential estate and property tax situations.

Gift Taxes and Reducing Your Estate

The gift tax laws allow you to gift $15,000 (as of 2018) each year to as many people as you would like without reporting these gifts to the IRS. If you have five children, for example, you can gift them $75,000 per year. If you are married, each of you and your spouse can gift $75,000 to your children, thereby allowing the two of you to transfer $150,000 to your children each year without reporting the transfers to the IRS.

Annual gifting offers one of the easiest methods of reducing your estate, and the advantages are easily understood. Estate laws allow you to leave only a specified amount to your family free of the federal estate tax. When annual gifts are made, each dollar given away is removed from your estate and, generally, will not be subject to estate taxes when you die.

You may gift more than the annual exclusion amount each year, but doing so requires you to file a gift tax return and utilizes a portion of your total lifetime gift and estate tax exemption. By gifting during your lifetime, you may be able to discount the value of the assets being gifted, thereby using less of your lifetime exclusion, and all future appreciation of the gifted property is moved outside of your estate.

To learn more or to speak with an estate tax attorney today, give us a call at (818) 528-5553.

Advanced Estate Tax Planning Techniques

The probate and estate tax planning attorney at Tisser Law Group, APC utilize several techniques to help reduce estate taxes, including:

  • Gifts and Sales to Intentionally Defective Grantor Trusts (IDGTs)
  • Qualified Personal Residence Trusts (QPRTs)
  • Grantor Retained Annuity Trusts (CRUTs)
  • Charitable Remainder Unitrusts (CRUTs) and other charitable planning
  • Generation-Skipping Transfer Tax (GST) planning

Schedule an initial consultation with one of our Encino estate tax planning attorney today at (818) 528-5553 to help you get started.

Planning with a Purpose

How Tisser Law Group, APC Fits the Bill
  • Certified

    We are Certified by the State Bar of California Board of Legal Specialization.

  • Top-Rated Lawyers
    in Our Field

    Our team has been recognized as Super Lawyers and America's Top 100 Attorneys.

  • Nearly 50 Years of
    Combined Experience

    Advice you can depend on,
    every time.

  • Stress-Free

    Guiding you through every step of the estate planning and trust administration process.