PRIVACY AND SECURITY WARNING

To protect our clients, please be advised that other entities, firms, or individuals may be attempting to impersonate The Singh Law Firm in order to obtain your personal, financial, or login information through fraudulent emails, phone calls, text messages, social media posts or letters.

Please be reminded: The Singh Law Firm is exclusively an Estate Planning Law Firm. We do not represent client's in litigation matters, including involving Real Property or Landlord-Tenant matters, and we will NEVER request sensitive information - including Social Security numbers, bank account details, passwords, or credit card numbers - via email, social media, phone, or online forms.

If you receive any communication that appears to be from or about The Singh Law Firm, and seems suspicious or requests personal information, do not respond or click on any links. Instead, contact our Fremont office directly at (510) 742-9500 and ask to speak with Lou Saelee to verify the communication.

Protecting your information is our priority, and we take these threats seriously.

Gifting Strategies

California Gifting Strategy Attorneys

One of the most effective ways to reduce the value of your estate and therefore reducing your estate taxes is to gift assets to other individuals. There are many ways to gift assets to people or organizations but the government does place restrictions on the amount one person can gift each year. Currently (2021) an individual can gift up to $15,000 of property or cash yearly without paying any gift tax on it (IRS – FAQ on Gifting). These gifts are especially helpful to those who are thinking about participating in certain trusts as it will reduce the taxes of both the grantor and beneficiary. If you or a loved one wishes to gift money or assets to reduce estate value or taxes then they must contact a Fremont estate planning attorney immediately. There are many different ways that individuals can gift assets over to another including:

  • Paying for another’s medical expenses
  • Gifting over cash to an individual
  • Paying for an individual’s schooling costs
  • Gifting assets to your spouse

All of these ways qualify as legal gifting strategies and effectively reduce the value of your estate. Certain gifts allow individuals to give more than the maximum of $15,000. Any medical or school payments that are made directly to the hospital or institution are also part of careful estate planning, and can reduce the value of the estate, and thus the potential estate taxes . Our legal team is very knowledgeable of California estate and tax law and can help determine any future complications you may encounter with your gifts. The laws change year-to-year, and we ensure that we advise clients of changes and the potential for other savings as these laws and requirements are updated.

Contact Singh Law Firm

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We can help you follow the correct gifting protocol so your gifts are part of your estate value deduction. When you are planning to gift over large amounts of assets it is always important to retain legal representation.

The Singh Law Firm can review your gifting options to determine an appropriate gift amount for you or a loved one. We will walk you through the necessary steps and help you effectively manage your estate so no future complications arise , and your loved ones have all the possible benefits under current state and federal law.