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August 25, 2016

 
Frazer LLP
 
 

Hi There!,

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).

Even if your estate tax isn’t large enough for estate taxes to be a concern, there are income tax consequences to consider. Plus it’s possible the estate tax exemption could be reduced or your wealth could increase significantly in the future, and estate taxes could become a concern.

That’s why, no matter your current net worth, it’s important to choose gifts wisely. Consider both estate and income tax consequences and the economic aspects of any gifts you’d like to make.

Here are three strategies for tax-smart giving:

  1. To minimize estate tax, gift property with the greatest future appreciation potential. You’ll remove that future appreciation from your taxable estate.

Don't have an estate plan? Read 7 Real Risks of Not Creating an Estate Plan today to learn how to keep yourself and your loved ones out of jeopardy!

  1. To minimize your beneficiary’s income tax, gift property that hasn’t appreciated significantly while you’ve owned it. The beneficiary can sell the property at a minimal income tax cost.
  2. To minimize your own income tax, don’t gift property that’s declined in value. Instead, consider selling the property so you can take the tax loss. You can then gift the sale proceeds.

For more ideas on tax-smart giving strategies, contact us in Brea, 714.990.1040 or Visalia, 559.732.4135.



 
 
 
 
 

 

You're invited to attend Frazer, LLP's Webinar Series for Contractors. Each webinar is complimentary and will be held from 10:00-10:45 a.m. Pacific. Register by clicking the button below. Login instructions will be emailed in advance.

September 22, 2016
Boost Your Bottom Line With Benchmarking

To maintain a competitive edge, it’s critical you to know where you stand financially. One way to do so is by benchmarking. Attend this webinar to answer:

  • How is my business doing compared to my competitors?
  • Is my business recovering from the economic downturn?
  • How is the construction industry performing in southern California?

Presented by:  
Brian Tunnelle, CPA, CCIFP, CGMA, MBA,
Partner, Frazer, LLP

October 27, 2016
Enhance Your Wealth With Targeted Tax Strategies

Another tax year end is approaching. It’s time to turn your attention to tax strategies that could lessen your tax obligation and enhance your wealth. Attend this webinar for a review of tax strategies that could accomplish both goals.

Presented by:  
Lou Rendon, CPA, MBT
Partner, Frazer, LLP

November 17, 2016
Take Advantage of Tax Credits

Are you aware of research and development (R&D) incentive programs? Are you taking full advantage of the R&D Tax Credit? Attend this webinar and learn about the broad range of common construction industry practices that qualify for the credit and how to claim the credits you deserve.

Presented by:
alliantgroup

Register Today!



 


 


 
 

Frazer LLP | 135 S. State College Blvd., Brea, CA
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