You can now transfer around twice the assets for the same dollar amount as just a short time ago
Lancaster, CA (PRWEB) February 3, 2009
Antelope Valley Estate Planning law firm Thompson Von Tungeln advises clients of the unique opportunity to transfer their depreciated assets to their children and grandchildren through an irrevocable trust that, when later appreciating in value, is free of transfer taxes - that is free of estate and gift taxes.
"You can now transfer around twice the assets for the same dollar amount as just a short time ago," said Antelope Valley estate planning lawyer Kevin Von Tungeln. "When the assets appreciate, your children will receive the appreciation free of transfer taxes, and you will have removed significant wealth from your estate, also free of transfer taxes."
Von Tungeln uses the example of someone who wants to transfer the family business to the children, a business that is currently appraised at $500,000, but two years ago was valued at $1,000,000. He notes that since individuals can make tax free gifts of $13,000 per year to their children, a married couple can gift a child $26,000 per year, tax free. (If they want to include the child's spouse, they can gift $52,000 per year.) The $26,000 gift is 5.2 percent of that business. So the husband and wife can now transfer 5.2 percent of their business to each child, tax-free, where only two years ago, the transfer would have been about 2.6 percent.
"This is a once-in-a-generation opportunity to transfer significantly more wealth to children without incurring transfer taxes," said Von Tungeln.
About Kevin Von Tungeln:
With more than 17 years' legal experience, Kevin L. Von Tungeln serves Thompson Von Tungeln in the areas of estate planning, probate, trusts, wills, trust administration, conservatorships, guardianships and elder law. He is certified by the State Bar of California Board of Legal Specialists as a Board Certified Specialist in Estate Planning. To find out more about Von Tungeln, go to his LinkedIn profile at:
About Thompson Von Tungeln:
Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their website at http://www.EstatePlanningSpecialists.com.