Estate, Trust & Gift Tax

Estate Tax

The estate tax is a tax on property that is transferred at your death, while a gift tax is on money or property that you give to someone during your lifetime that may be subject to federal and state taxes.

Like the trust tax, estate and gift taxes can become quite complicated because the possible scenarios for each are nearly endless. Our accounting experts at Ramsay are very familiar with estate and gift tax laws. We know just the right questions to ask you about your situation, and we can help you minimize the taxes that you or your loved ones will need to pay when receiving an inheritance or giving a gift. When it comes to keeping as much of your hard-earned money in your pocket as possible — our team at Ramsay & Associates is the right one to call.

Trust & Gift Tax

IMG_2846.jpgTrust taxes are a unique part of our tax law, and are one of the many places where things get confusing. If you need help understanding how trust taxes work, and how to get the biggest impact for your dollar with a trust, our professionals at Ramsay & Associates can provide all of the help and information you need. We work closely with attorneys to be sure you get to take full advantage of trust tax laws and get the greatest possible return on your investment.

Trusts can be used to protect your lifetime assets as well as provide means for passing your assets to your heirs with as little lost to taxes as possible. In many cases, one of the main benefits of trusts is that the beneficiary is not subject to a large amount of tax all at once. If the terms of the trust dictate that the beneficiary receives funds from the trust incrementally, then taxes are not assessed until those funds are actually in the hands of the beneficiary. At that point, they become taxable, just like many other types of income. Assuming that the trust is structured in a manner that allows it to generate income over the long-term, this means that the beneficiary must only pay taxes on the funds received during the tax year.

Like many other taxable assets, there are many exceptions to the rules of how trusts work and how they are taxed. Our Ramsay professionals can help.

 

 

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