Estate Gift Taxes: Tax Lawyer in Long Island

Applying Estate Gift Taxes to Property or Other Gifts

Estate gift taxes are an area of tax law applied to the transfer of real estate, assets, investments or other property from one individual to another without receiving anything or equal value in return as compensation, including interest-free or reduced-interest loans that indicate no financial benefit to the person making the gift. Gift taxes must be paid by the estate owner who is giving the gift, although some rare situations may arise where the receiver agrees to be responsible for that cost. Some items may be gifted without being subject to the gift tax such as gifts that do not exceed the annual exclusion for the year, tuition or healthcare expenses, spousal gifts or donations made to a political organization or charity.

There are a variety of other exceptions that may apply to the imposition of the gift tax, and it is a good idea to consult a knowledgeable Long Island tax lawyer who can provide invaluable advice concerning your gifting strategy. Annual exclusions can be complicated and it pays to consider how you will transfer a gift property, to who it will be transferred as well as the time frame within which the gift is made. For instance, paying an individual directly may result in a gift tax, whereas paying a college or medical institution directly to cover the costs of the recipient will not be subject to tax. There are many details that may play a role in determining the best way to move forward, and understanding how estate gift taxes are applied is essential for responsible gifting.

Estate Gift Taxes Attorney in Long Island

Blutter & Blutter understands the many complexities and details that exist within estate gift tax law, and has consistently helped residents throughout Long Island to make the right decisions concerning their gifting procedures and strategies. With over 50 years of combined experience, their team of dedicated legal professionals can provide high-quality, sophisticated service and support while maintaining that face-to-face relationship that can make a real difference.

Contact a Long Island tax attorney if you want to talk to a professional about understanding how estate gift taxes are applied.