Estate and Gift Tax Planning

One of the most important aspects of estate planning is the minimization of taxes. While California no longer has a state estate tax or inheritance tax, federal estate tax and gift tax laws must be taken fully into consideration as part of any estate plan. That is especially true in light of the provisions of the 2017 Tax Cut and Jobs Act ("TCJA"), which provide substantial opportunities and benefits for estate planning and gift planning at the current time. For example, under the TCJA, taxpayers can deduct 50% of business meal expenses if those taxpayers or their employees are present and if hte food or beverages are not considered extravagant, and business property acquired between September 27, 2017 and January 1, 2023 can be 100% expensed. These advantageous provisions of the TCJA are scheduled to expire in 2025, in the absence of further Congressional action.

Proper tax planning requires knowledge of the complex tax laws, as well as experience and skill in creating trusts that take full advantage of opportunities provided by the tax laws. Our White and Bright attorneys have the necessary expertise and experience to assist clients in creating estate plans and gifting plans that minimize tax liability to the greatest extent possible.

We welcome you to contact our knowledgeable estate planning attorneys about our estate and gift tax planning services.