Estate Planning

If you like giving gifts and you are into estate planning, there is something you can do to save your family lots of money in future taxes. With gift giving you can not only help yourself, but avoid heavy taxes for future generations. And by lowering the size of your estate, you can lower the probate cost as well as the legal fees which can eat up much of your estate.
Gift giving has been done for a long time, a way to reduce the value of what you own and there are various ways of going about it. Annually, any person in the US can give up to $12,000 worth of property to another person. This gift is given with no taxes due as long as the amount stays with that limit.
Your spouse and any charity you choose can receive and unlimited amount from you. Even though this sound like a good idea, it only shifts that tax problem over to her so giving to others like children and grandchildren is a better idea. Another benefit to gift giving is the appreciation value of your gifts. The assets will grow by the time you pass away. There are many details involved with this giving so it is wise to consult with a estate planning attorney when the time comes.