The Law Office of Robert M.L. Baker III

California Estate and Gift Tax Planning Lawyer

Depending on the nature of your financial situation, a trust may not be the most effective means for avoiding certain kinds of taxes. Individuals with multi-million dollar estates can exempt up to a million dollars of their estate through a gift tax plan. Under current federal law, the unified credit exemption is $2,500,000 and is set to increase every year until 2010. The law office of Robert M.L. Baker III works closely with clients interested in establishing an estate gift plan, structuring your will or trust to take full advantage of the unified credit exemption.

To learn more about gift tax plans and how we can enhance your current estate plan, contact California estate and gift tax planning lawyer Robert M.L. Baker III today. Our California office represents clients throughout Los Angeles County, including the cities of Beverly Hills, Culver City, Malibu, Encino, Marina Del Rey, West Los Angeles, Santa Monica, Venice, South Bay, Los Angeles and Sherman Oaks.

What is the Gift Tax?

When you give property to another person without expecting anything in return, under federal law you may be subject to a tax on the value of the gift provided. While most people think of gifts primarily in the form of homes or real property, items such as cars and even money you lend to a friend in the form of an interest free loan may be considered by the Internal Revenue Service as a gift.

How Can a Gift Help My Estate Plan

Certain gifts are exempt from taxation and allow the donor to claim a tax deduction on their estate tax. Charitable donations to various organizations allow you to avoid paying certain kinds of taxes on your estate. As your estate planning lawyer, Robert M.L. Baker III explains how you can protect more of your estate through effective gift-giving and investment strategies.

Discussing Your Options

Even if you currently have an estate plan in place, our office can help you identify means for protecting more of your assets for your family’s future. With a Masters in Taxation, estate planning lawyer Robert M.L. Baker III understands how to enhance your current plans and ensure you receive the maximum benefit from your savings and investments.

To discuss how we can help you, contact Santa Monica, California estate and gift tax planning lawyer Robert M.L. Baker III today. Understanding the gift tax exemption and estate inheritance planning can help you save more of what you’ve worked hard to earn.