Estate & Gift Tax Planning
Thoughtful estate and gift tax planning helps you preserve wealth, support family goals, and minimize transfer taxes. Rules change, asset values shift, and life events happen—so we design a plan you can implement now and update over time.
What we do:
- Lifetime gifting strategy
- Annual exclusion gifts, tuition/medical exclusions, 529 “super‑funding”
- Tracking of lifetime exemption usage and portability between spouses
- Business and real‑estate transfers
- Coordination of appraisals and valuation discounts (FLP/LLC interests where applicable)
- Funding checklists and basis planning
- Trust and entity coordination
- Work with your attorney on revocable and irrevocable trusts (e.g., grantor trusts, SLATs, GRAT concepts as appropriate)
- Cash‑flow and tax modeling to compare options
- Charitable planning
- Donor‑advised funds, appreciated stock gifts, qualified charitable distributions (QCDs) coordination
- Compliance and filings
- Form 709 Gift Tax Return preparation and e‑file support
- Form 706 estate return coordination with counsel (as needed)
- Documentation package to support valuations and elections
Why plan now:
- The federal lifetime exemption is scheduled to decrease after 2025 absent new legislation—timing can materially impact tax outcomes.
- Proactive planning reduces probate complexity, clarifies intent, and can meaningfully lower taxes over time.
Our process:
- Discover: assets, family goals, prior gifts, and current documents
- Design: model strategies, project tax impact, and map funding steps
- Coordinate: work with your estate attorney/appraisers to finalize structure
- Implement: track gifts, prepare Form 709, and document elections
- Maintain: update the plan as rules and circumstances change
Deliverables you'll receive:
- Written planning memo with modeled scenarios
- Lifetime exemption and portability tracker
- Funding checklist and documentation guide
- Filed Form 709 package (with workpapers) when applicable
Who we serve:
Business owners, professionals, and families seeking clear, practical guidance—served virtually, nationwide.
Notes and coordination:
We provide tax analysis and return preparation. Legal document drafting is handled by your estate attorney; we coordinate closely to keep everything aligned.
FAQs (quick hits):
- Do all gifts require a tax return?
Not always—annual exclusion gifts may not, but certain transfers and elections do. We’ll advise case‑by‑case. - What is portability?
A rule that lets a surviving spouse use a deceased spouse’s unused exemption—often requires a timely election. - Do I need an appraisal?
For closely held business interests or real estate, yes—proper valuations support discounts and reduce audit risk.
Want a clear plan to protect your wealth and minimize transfer taxes? Contact us or book a quick consult to get started.
Why Choose Cloonan CPA?
- Personalized Attention for Every Client
You work directly with William Cloonan, CPA—no call centers, no junior staff. Every client gets tailored advice and responsive support. - Virtual CPA Services, Nationwide Reach
Efficient, secure, and convenient service for small businesses across the U.S.—no matter where you’re located. - Small Business Specialist
With 7+ years of experience serving entrepreneurs and small business owners, we understand your unique challenges and goals. - Trusted Experience
A proven track record of helping clients minimize taxes, stay compliant, and grow their businesses with confidence.
Ready to Get Started?
Schedule a free consult, reach out with questions, or access your secure client portal.
