Gift Tax Preparation

If you are interested in gifting assets to family members during your lifetime, the gift tax rules will apply. The basic rule is that you can gift a certain amount ($12,000 per person in 2009), but it may be better tax planning to gift more than that amount. If the asset being given will probably increase in value, it may be a good planning technique to put that asset in a younger person’s name or trust now. A Gift Tax return will be required but no gift tax will be due. Each person is allowed a lifetime gifting amount that changes periodically. If you are planning to gift a portion of your company’s stock to family members, the gifting of the stock is a great succession planning tool. Our professional staff is able to provide options that may save significant future tax dollars for you.

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Call us today at 913-491-5080 for more information on Gift Tax Preparation or any of our other tax services.