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Investments > Estate Planning > Estate and Gift Tax Planning

Managing Gift Taxes, Estate Planning and Your Estate

Estate Planning
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It is important to leave a lasting legacy through your estate, by allocating your assets to your loved ones after your death. It’s another thing to leave your loved ones burdened with a huge estate tax bill associated with those assets.

Landmark Bank will work with your tax advisors to help determine the best approach to protecting your assets in both life and death to save your loved ones money down the road.

It has always been said that two things in life are certain: death and taxes. Landmark Bank can help minimize the tax burden placed on your loved ones through a variety of tactics and estate planning tools.

There are three strategies we recommend our customers use to help plan for estate and gift taxes, charitable giving, gifting to loved ones and completing properly drafted trusts. Find out how each of these tools can help accomplish your financial goals below:

Charitable Giving

Estate planning and charitable giving go hand-in-hand. It is important to note, gifting to charity is not subject to gift taxes, making charitable donations a great way to help the community and share your assets responsibly.

Landmark Bank’s investment professionals are experienced in handling estate planning and charitable giving, and will help you choose how to give and who to give these charitable gifts to. These gifts can be specified in your will to be given after death, or can be gifted now so you can enjoy your act of giving during your lifetime. Trust Landmark Bank for designing a roadmap for estate planning and charitable donations today.

Gifting to Loved Ones

Gift taxes are part of the transfer of property from one party to another. Gifts are freely and voluntarily transferred property, and there are significant tax benefits in terms of gift taxes when gifts are given during your lifetime. Gift taxes are charged to the donors of gifts, rather than the recipient, and each year, a person is eligible to gift up to $14,000 without being assessed gift taxes.

When transferring property upon death, much costlier estate taxes are charged to the recipient of a gift, so for some, it may be in their best interest to gift assets to loved ones, up to the maximum amount eligible for exclusion from gift taxes. Gifting is a great way to save your loved ones from accruing an estate tax down the road.

Properly Drafted Trusts

Drafting a trust can significantly reduce the burden of estate tax on your beneficiaries after your death. Probate can cost between 5-7% of your estate, which is 5-7% of your estate you would rather want your loved ones to enjoy instead of giving that portion of your hard earned assets up to the court system.

There are also significant estate tax savings that can be realized by setting up a trust.

Reduce the Burden of Estate Tax today with Landmark Bank

Landmark Bank will work with you and your tax advisors to determine which tools will best protect your assets in both life and death, creating a plan that your loved ones will appreciate for years to come. Through proper estate planning and charitable giving, gifting spread out over time to avoid accrual of gift taxes and trusts to limit the impact of estate tax on your loved ones, Landmark Bank is here for you.

Learn more about our estate planning tools and services offered at our local branches in Missouri, Texas and Oklahoma today.


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