Many people are interested in taking advantage of their federal lifetime exemption amount as well as gift planning opportunities from year to year, which allow you to give up to $15,000 per person to anyone you choose during a calendar year.
Estate planning strategies like leveraging lifetime gifts can give significant tax benefits whether or not exemptions will decrease in the near future as a result of formula changes. Many taxpayers have adjusted their strategies in the past decade as a result of a fear of impending federal legislation changes.
You should also be aware that when attempting to gift certain types of assets to your loved ones, it can be difficult to arrive at a final value as some assets are harder to value than others. For example, the value of a home could increase or decrease significantly as a result of real estate market changes and the same is true for art pieces and other collectible items.
Items that are traditionally difficult to value could mean that you accidentally leave unequal amounts to different beneficiaries within your estate.
If you have questions about how to get a baseline for the different possible values of these assets and to craft an estate plan with all these unique issues in mind, it’s a good time to set up a phone call with an experienced estate planning law firm in your area. Meeting with an experienced and qualified estate planning attorney will help you get a better sense of how your current estate plan aligns with your individual needs.
When you need a Michigan estate planning attorney to answer your questions, contact our office for more help.