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Basics of Gifting for the High Net Worth Family

Many high net worth families are already familiar with the benefits of using gifting on an annual basis to help dispose of some of the assets inside their estate and instead transfer them to loved ones while you’re still alive. 

Very few individuals in America will owe any estate tax when they pass away. In fact, only 0.2% of Americans will end up needing to pay this. However, for those families that have a vast majority wealth that is tied to a business, it could be devastating for the family that chooses to sell this asset to pay an estate tax.

Annual gifting does not count against the exemption limit and can be a very powerful estate planning tool. In 2020, the annual gifting limit is $15,000 per individual. Married couples can also split their gifts, meaning that they can each give up to $15,000 to as many people as they want. Grandparents or couples can also frontload 529 accounts for up to five years’ worth of contributions for every child. This means that a significant amount of money could be transferred without triggering estate tax issues.

High net worth families have many unique concerns that need to be handled by an experienced attorney. Having a team of advisors focused on your needs can help you ensure that your plans address all your primary concerns.

For more information about how to set up your estate plan as a high net worth family, schedule a consultation with our experienced estate planning lawyer today.

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