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Home / Estate Planning / As Time Draws Near Planning is Important

As Time Draws Near Planning is Important

March 2, 2023 by Brandon McGee

Ideally, we plan well in advance for the end of our lives. It is a good idea to revisit those plans as time draws near.

First, a general review of plans is in order. Often, plans have not been reviewed in many years and it is wise to make sure they are still representative of your wishes. Circumstances may have changed. The fact that time is short is a circumstance that might alter your planning. For example, you may have wanted to make a gift to your alma mater at your death. With your time short, you may want to make that gift during your lifetime. By doing so, you will live to see the gratitude of your school for your gift. There is also a tangible benefit: In addition to avoiding estate taxation the same as a post-death gift, a lifetime gift qualifies for an income tax charitable deduction. This slight change in timing could earn your descendants or other beneficiaries up to 1/3 or more of the value of the charitable gift in income tax savings.

Planning is important

Other income tax savings can be achieved by selling assets which have a built-in loss. Any losses which remain at death are lost and cannot be taken by the heirs. Similarly, normally you would want to refrain from selling any assets that have a built-in gain that would be taxed. The gain in assets is wiped out at your death, allowing your beneficiaries to receive the assets without that built-in taxable gain.

If you want to make gifts before your death, cash is the best choice. If you gift an asset that has built-in gain, the recipient will have that taxable gain which otherwise would have been wiped out at your death. If you gift an asset with a loss, the recipient will not be able to use that loss on his or her taxes. If you do not have sufficient cash for your desired gifting, it may be possible to sell assets with offsetting losses and gains. This would be an income tax wash for you and would get assets to your beneficiary without the built-in gain.

As life draws to a close, it seems time is more precious than ever. A few minutes with a qualified estate planning attorney may help you get more money to your descendants or other beneficiaries. More importantly, such a visit may allow you to rest easier knowing that everything is in place to make sure your wishes are carried out.

Compliments of the McGee Law Firm, Attorney Brandon McGee

Written By: The American Academy of Estate Planning Attorneys

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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