Estate and Gift Tax Planning

Careful estate and gift tax planning aids you in preserving your wealth and passing it on to your designated beneficiaries. There are many elements, financial and non-financial, to consider in the planning process. And because these elements are likely to evolve over time, it makes sense to review your plan periodically.

Cloonan & Associates provides tailored estate planning strategies that lower tax obligations and reduce probate expenses. Our gift tax planning services protect the wealth of your loved ones by remaining up to date on the constantly changing gift tax regulations and planning accordingly.

It is important to understand the gift tax regulations because the federal estate tax exemption can change over the years as will the value of your net estate. Cloonan & Associates helps you stay within regulatory limits, keeps asset appraisals up to date, and documents gifts in case the IRS challenges the gifts or the values of the gifts.

Our firm can help you with a variety of planning strategies including:

  • General estate tax planning to minimize transfer tax burden

  • Leveraged gifting through proper use of discounts

  • Trust planning to address non-tax needs and charitable giving

  • The use of qualified disclaimers

  • Asset division and trust funding

  • Use and reduction of wealth through powers of appointment

PLEASE CONTACT US FOR MORE INFORMATION ON OUR FEDERAL TAX CONSULTING SERVICES.

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