Here at Albin Oldner Law, PLLC, we coordinate asset protection and estate planning using a variety of tools tailored to our clients’ individual financial and familial needs and goals. We take a two-pronged approach:
It is always the right time to start thinking about protecting your assets from taxation. Talk to our asset protection and wealth management attorneys at Albin Oldner Law, PLLC.
Call (214) 423-5100 or contact us online to schedule a meeting with our wealth management attorneys.
Establish a Trust: Assets held in Trust belong to the Trust, not to the individual grantor or to the beneficiaries. Trusts can be used to protect your assets while still allowing you to enjoy the benefits of your wealth. You can use a Trust to:
Make an Annual or Lifetime Gift to Those You Care About: When it comes to large financial gifts, the IRS taxes the giver, not the receiver, with a gift tax. However, the IRS allows financial gifts to be made up to the level of the annual gift tax exclusion (in 2018, that amount is $15,000 per recipient) without incurring a gift tax. And if you are married, that amount is doubled.
Do you want to gift more? Your gift is non-taxable up to the level of a lifetime gift tax exemption of $11.2 million (per donor, not per recipient).
Why gift now? Not only can a gift of $15,000 or $30,000 a year make a difference in the lives of your loved ones, it can reduce the taxable value of your estate. (However, once a lifetime gift tax exemption has been reached, any remaining gifts above the annual gift tax exclusion are taxable.)
Make a Non–Taxable Gift for Services: Not every financial gift is subject to the IRS gift tax. You can make the following gifts without worrying about the annual or lifetime gift tax exclusion:
Sign a Prenuptial Agreement: Texas is a community property state, which means that your spouse has a right to a portion of the income and assets accrued during the course of your marriage. This may include assets related to a business, income earned on prior investments and retirement accounts, and inheritances.
When there are children from a prior marriage, inheritance rights can become a thorny issue. When a business is involved, a new spouse’s financial interests can become a concern to business partners, as well. Before you marry, it may be wise to talk with to a lawyer about options. At Albin Oldner Law, PLLC, our family law and estate planning attorneys work together to protect your assets in a manner that is respectful and fair to your soon-to-be spouse.
Keep an Eye on Estate Tax Minimums: Upon your death, your estate is responsible for paying estate taxes to the IRS and the State of Texas if your property is above the value prescribed by the tax codes. The limit for 2018 is $11.2 million, but this limit is adjusted periodically.
Keep in mind that that amount is reduced by any lifetime gifts you make over and above the annual gift tax exclusion amount. However, you can leave an unlimited amount to your spouse without estate tax consequences. We stay current on the estate tax requirements and can advise you on your options when your portfolio nears the estate tax exemptible amount.
The sooner you work with an asset protection lawyer, the more options will be available to you to transfer assets tax free. We will tailor a plan specifically for your objectives.
Call Albin Oldner Law, PLLC at (214) 423-5100 to schedule a consultation at our office or contact us online.
5665 Dallas Parkway
Suite 200
Frisco, TX 75034
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