ESTATE & GIFT TAXATION
Our Experience
Generational transfer of wealth is an essential sign of a free society. You’ve worked hard to accumulate assets so that you and your family may enjoy the wealth that is a reward for effort and perseverance. You deserve to choose how your resources will be distributed. Through thoughtful and purposeful Estate & Gift Tax planning, Gray, Gray & Gray gives you the power to take more control over the ultimate destination of your assets and the creation of your personal legacy.
The professionals of our Estate & Gift Tax practice group work to help protect your interests and those of your family, while allowing you to meet your financial goals. From tax and accounting decisions, to succession planning and business valuation, our team integrates seamlessly with your financial planning and legal advisors to develop estate, gift and trust plans that meet your goals and needs. Taking action now is essential if you want to help minimize your heirs’ tax burden.
Our Services
Our team provides the following Estate Planning and Trust services:
- Monitor and adjust financial plan to accommodate changes in personal or regulatory circumstances
- Gift planning
- Portability planning
- Estate and trust administration assistance
- Business succession planning
- Business valuations
- Preparation of federal and state individual, business, fiduciary, estate, inheritance, and gift tax returns, including Federal Estate Tax Form 706, Federal Gift Tax Form 709, Fiduciary Tax Form 1041, and all appropriate state tax forms
- Defer income tax paid by heirs through appropriate timing of distributions from the estate
- Reduce income tax on future sales and dispositions of inherited assets by determining the correct cost basis of assets received from the estate
- Estate inventory and valuation
- Private wealth management
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Frequently Asked Questions (FAQ)
The federal estate tax exemption is the amount you can pass to heirs before the IRS taxes it, and it varies over time. The current exemption is historically high but may change due to legislation. Effective estate tax planning anticipates these changes by establishing structures now to preserve your family’s assets regardless of future laws.
Estate planning determines who receives your assets and how, through wills, trusts, and beneficiary designations. Estate tax planning focuses on reducing your estate’s taxable value to maximize what passes to heirs instead of the government. While related, tax planning involves strategies like gifting, irrevocable trusts, charitable vehicles, and family limited partnerships. Both are essential and work best when integrated from the start.
The IRS annual gift tax exclusion allows you to give up to $19,000 per recipient in 2025 and 2026 without affecting your lifetime exemption or requiring a gift tax return. Couples can give $36,000 per recipient. Gifts beyond this count against your lifetime exemption. Regular annual gifting is a simple and effective way to reduce your taxable estate while transferring assets to intended beneficiaries.
You should start earlier than most. Many families wait until drafting a will, by which time tax optimization opportunities may be limited. If your net worth is growing, your business is appreciating, or you face significant liquidity events, such as a sale, it’s time to discuss estate tax planning. The most effective strategies are those implemented years in advance.
This concern is common, but the IRS provides “clawback” protection: gifts made under a higher exemption are not subject to estate tax if the exemption later decreases. This means gifting now can secure tax savings even if future changes occur. Acting promptly is advisable, though proper structuring is essential to ensure effectiveness.
Contact Our Estate Tax Planning Professionals
Gray, Gray & Gray has provided estate tax planning and preparation for hundreds of estates across the U.S. We are ready to help you protect and preserve
your assets while minimizing the tax burden on your loved ones. Please contact us at (781) 407-0300 today.