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Estate and Gift Tax Returns

Distribute Your Wealth As You See Fit With An Estate and Gift Tax Attorney

With strategic tax planning, you can ensure that wealth transfers are structured to mitigate estate, gift and income taxes so your beneficiaries inherit as efficiently as possible.

What are Estate Taxes?

Estate taxes, also known as inheritance taxes or death taxes, are taxes imposed on the transfer of a person’s wealth or assets upon their death. These taxes are typically levied on the total value of the deceased person’s estate before it is distributed to the beneficiaries. Estate taxes can be imposed at both the state and federal levels. Not all countries impose estate taxes, and the rules and thresholds vary widely between jurisdictions. Texas, for example, does not have a state estate tax. However, Texans are subject to federal estate tax laws.

What are Gift Taxes?

Gift taxes are taxes imposed on the transfer of assets from one person to another, without consideration, during life. When a person makes a gift to someone and that gift exceeds the annual exclusion amount, the gift must be reported on a gift tax return. However, gift taxes are not imposed on that gift unless the value of the gift exceeds the donor’s lifetime exclusion amount.

What is an Estate Tax Return?

An estate tax return is needed in two scenarios:

(1) when someone dies with a taxable estate (i.e. his or her estate value exceeds the current estate tax exemption after taking into account prior gifts); and
(2) when a surviving spouse wishes to preserve his or her deceased spouse’s unused estate tax exemption.

When Should I File an Estate Tax Return?

If an estate tax return is required to be filed, it is due within nine months of death (unless it is timely extended by an additional six months). If an estate tax return is not required, but a surviving spouse elects to file one to preserve any unused exemption, it is due within five years of death.

Our Estate and Gift Attorneys Help You Get the Most From Your Gifts

Inadequate tax planning can result in your estate paying more taxes than may be necessary. Our skilled Dallas tax planning attorneys are experienced in Texas estate and gift tax law. They are ready to honor your intentions, applying their expertise to preserve the most from your assets.

Reach out to Sharpe Law Group’s Dallas office to set up an initial meeting with our experienced estate planning attorneys. We’re dedicated to safeguarding your hard-earned assets. Call us at (214) 742-6065 or Contact Us Here to schedule your initial meeting in our Dallas or Plano office today.