Gift Planning - Genser Cona Elder Law

Gift Planning

You’ve worked hard to provide for your family, sacrificing to ensure your family has everything they need. You may have also given to charities over the years and you may wish to continue to do so into the future. However, there is one issue you may or may not have considered: taxes. It is unfortunate many people have desires to leave gifts to their beneficiaries and/or charities only for those beneficiaries to be faced with estate taxes. Without proper gift planning, taxes can drastically diminish the amount you were anticipating leaving to your beneficiaries.

At Genser Cona Elder Law, the gift tax planning attorneys in New York will work closely with you to create a plan to help you achieve your goals. Whether you wish to leave an endowment to your favorite non-profit or an inheritance to your children and grandchildren, we'll help you develop a plan to accomplish your goals.

Why Is Gift Tax Planning Necessary?

The federal government allows each individual to gift up to $15,000 each year to any number of beneficiaries. Spouses can give up to $30,000 per beneficiary. Making such gifts can reduce estate taxes, thereby ensuring that a maximum amount of money goes to your heirs and not the government.With the complicated tax code and few people able to interpret it, it's essential you have legal representation when looking into proper gift and tax planning. The experienced gift planning attorneys at Genser Cona Elder Law will provide guidance and support based on our decades of experience.  

Strategically Planning Your Gifts

As stated above, there are restrictions on how much may be gifted to beneficiaries. This also depends on the marital status of the person donating. With that in mind, it is important for the level of gift giving to be monitored closely and planned accordingly.

While strategically planning your gifts may seem counterintuitive, it will render the best results for you and the recipient. The gift tax planning attorneys at Genser Cona Elder Law will work closely with you to help you strategically plan your gifts for maximum impact.

Setting Up Trusts to Protect Your Assets

Trusts are quite valuable when it comes to protecting your assets and in ensuring your assets are distributed to the right parties at the appropriate time. Our New York gift and estate planning attorneys utilize a range of different types of trust to help you achieve financial security through gift tax planning. Some of the most common types of trusts we establish for our clients include:

  • Irrevocable life insurance trusts
  • Charitable remainder trusts
  • Revocable trusts
  • Grantor retained annuity trusts
  • Charitable lead trusts
  • Intentionally defective trusts
  • Qualified personal residence trusts
  • Asset protection trusts
  • Supplemental needs trusts

The New York gift tax planning attorneys at Genser Cona Elder Law will guide you to the best solution to help you achieve today's and tomorrow's goals.

Setting Up Your Charitable Donations

Fortunately, both federal and New York tax laws support charitable donations. Any charitable donations you make, even now, can reflect favorably on you when it comes to your taxes. Since tax laws are notoriously tricky, the seasoned estate and gift tax planning attorneys in New York at Genser Cona Elder Law will help you optimize your charitable donations and maximize the impact for yourself and the recipient.   

Contact Genser Cona Elder Law for Gift Tax Planning in New York

At Genser Cona Elder Law, we're committed to helping you properly plan for the future. Our attorneys bring years of experience navigating federal and New York State's tax laws and helping families create mutually beneficial gift tax planning strategies. We'll help you rest easier today knowing the future is more secure.