Can I give all of my property away before I die and avoid estate taxes?
Yes, you can give away, or “gift”, your property before you pass away. You may incur gift tax liability though. Also, if you die within a certain period of time of the gift, it may end up being included in your taxable estate. Another thing to consider is that the Internal Revenue Service (“IRS”) has a very particular definition of gift. You may think you’re giving something away, but you may run afoul of tax law even if complying with state law. The point here is that you need to consult with a professional before you making any serious decisions and move forward.
“Planning with Purpose,” Haimo Law (HaimoLaw.com) can help you plan for and protect your family andyour business’s interests for the immediate and long-term future. Together, we can take advantage of incredible tools and techniques that are available to you right now. Call us for wills, trusts, probate, asset protection and business planning. Haimo Law offers premium professional representation at an affordable price. Alternative fee arrangements are available upon request. We are reliable, approachable, honest, hard-working and attentive. Helping your family and business is our priority. We look forward to meeting and exceeding your expectations.
Barry E. Haimo, Esq.
Strategic Planning With Purpose
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