Estate and Gift Tax Planning

A gift tax is a tax imposed on the gratuitous transfer of ownership of property. The tax is generally imposed on the donor (the giver) rather than on the recipient. A transfer is completely gratuitous when the donor receives nothing of value in exchange for the gifted property.

The estate tax is a tax imposed on the transfer of the "taxable estate" of a deceased person whether such property is transferred via a will or according to state laws. In addition to the federal government, many states also impose an estate tax, with the state version called either an estate tax or an inheritance tax.

BAKER SPINDLER HOLTZ can help you plan for these often complicated transfers of assets in ways that keep gift and estate taxes to a minimum.