Tax Planning

Wealth Transfers

Passing on wealth, whether to future generations or charities, requires careful planning and sometimes sophisticated strategies to implement.  The Estate Attorneys at Middleton & Middleton take time to educate our clients about the process and opportunities in order to craft a plan that meets their individualized goals. We provide a full range of services and provide direct advice to preserve and transfer assets through both lifetime gifting strategies and testamentary gifts. From wills and trusts to more advanced tools such as Irrevocable Trusts, Charitable Trusts, and Annual Gifting Strategies, we are equipped to help our clients plan for tax efficient wealth transfers to future generations and charities.

Estate Tax and Gift Tax

The attorneys at Middleton & Middleton are qualified and capable of providing advice and planning opportunities to address Estate Tax and Gift Tax issues.  While the Federal Estate Tax Exemption is presently at historically high levels and is increasing by a factor of inflation ($12,060,000 per person in 2022; $12,920,000 per person in 2023), there is a common consensus that the Exemption could be reduced significantly in the coming years. The Gift Tax Exclusion is likewise at an historically high level, providing each U.S. Citizen with the ability to give up to $16,000 per person per year (2022) and $17,000 per person per year (2023) without causing a tax effect or requiring the filing of a gift tax return. Our Estate Attorneys work closely with our clients, their CPAs, and financial advisors to identify tax strategies to minimize Estate Tax and Gift Tax as part of a comprehensive estate and tax plan.  The first step in the comprehensive plan is to ensure the client has appropriate planning documents such as wills, trusts, powers of attorney, and medical directives.  More advanced tools are then implemented based on the client’s assets and planning goals, including Generation Skipping Transfer Trusts, Revocable Trusts, Irrevocable Trusts, Life Insurance Trusts and Life Insurance Planning, Grantor Trusts, and Charitable Trusts and Charitable Giving. While Estate Tax Planning can be implemented at any time before death, planning to counteract the Estate Tax is best when done proactively, before the client’s Estate exceeds the Federal Estate Tax Exemption. If you anticipate your Estate will be subject to the Estate Tax, or if you would like to leverage the Annual Gift Tax Exclusion, the attorneys at Middleton & Middleton have the knowledge to assist you at every stage of planning.  

Generation Skipping Transfer Tax

We provide skilled counsel and representation to our clients relating to the Estate and Gift Tax and the related Generation Skipping Transfer Tax including the use of advanced tools and available credits, exemptions, and exclusions to minimize wealth transfer taxes. With the current high exemptions and exclusions and the possibility for continued asset appreciation due to market forces and inflation, leveraging the available Generation Skipping Transfer Tax Exemption can be a valuable tool to minimize tax on generational wealth transfers.

Charitable Giving

Our Estate Attorneys have specialized knowledge to assist our clients in carrying out their charitable goals.  We work closely with our clients and charitable organizations to craft effective charitable gifting plans through tools such as charitable remainder trusts, charitable lead trusts, donor advised funds, endowed funds, foundations, and charitable annuities.  Whether planning for lifetime gifts or testamentary gifts, we aim to efficiently incorporate our client’s charitable plan as part of their overall estate plan. If you are planning to leave a charitable legacy, the attorneys at Middleton & Middleton have the skills and knowledge to accomplish your goal.