Fort Collins Gift and Estate Tax Lawyer

Working with an estate planning attorney can help limit your tax liabilities for gift and estate taxes. It’s essential that you understand exactly when a gift tax return has to be filed and what the tax implications will be. Colorado Estate Planning Law Center can help you. Our Fort Collins gift and estate tax lawyer have been assisting people with tax issues for decades. If you need help, call our office at (303) 420-2863 or contact us online for a free initial interview.

Filing a Gift Tax Return in Fort Collins

In order to avoid the gift tax, many people decide to work with an estate planning attorney. A good estate planning attorney will choose how and when gifts are given, how big the gifts should be, and help you make other decisions to limit your potential tax liabilities.

Anyone who gives gifts that cumulatively are greater in value than the annual or lifetime gift exemption are required to fill out a gift tax return when filing taxes. In 2021, the annual limit is $15,000 per person, and the lifetime exemption is $11.7 million if you’re single and $23.4 million for a married couple. The lifetime exemption increases most years as a result of inflation. Unless an arrangement has been made, it is the responsibility of the gift giver to pay the gift tax and file the gift tax return. The gift tax return is IRS form 709. If you have given gifts and think you might need to file a gift tax return, contact an attorney to help you fill out the forms and file them properly so you can save as much money as possible.

More About the Gift Tax Return

We can help you with any of your gift tax return needs, but it’s also essential to educate yourself. According to the IRS, you should take the following steps in order to complete form 709, the gift tax return:

  1. Determine whether you are required to complete the form or not.
  2. Determine which gifts you need to report
  3. Decide if you and your spouse are going to split any gifts
  4. Complete the form and follow all necessary instructions

To determine if you’re required to file a gift tax return and what gifts you have to include, contact an experienced attorney.

Who Does Not Need To File a Gift Tax Return?

If you meet all of the following requirements, you do not need to file a gift tax return:

  1. You did not give any gifts to your spouse; and
  2. You did not give a gift over $15,000 to any one individual; and
  3. All of the gifts you made were of present interests

Additionally, if the only gifts you made this year were to charities, you do not need to file a gift tax return as long as you transferred all of your interest in the property to a qualifying charity.

Our Fort Collins Gift and Estate Tax Attorneys Are Here To Help You

If you’re ever confused about when you have to pay the gift tax, how much you will owe, or what is exempt, we are here to help you. Our estate planning attorneys in Fort Collins have been assisting people with their gift and estate tax questions and concerns for more than 20 years. We are active in the community, and we care about all of our clients. Our founding attorney, Karen L. Brady, has served on several nonprofit boards, including the Seniors’ Resource Center in Wheat Ridge. Karen received a Citizens’ Award from the Arvada Fire Department for her Wills for Heroes program, where she provided no-cost estate plans to members of the department.

If you need help, call our office at (303) 420-2863 or contact us online for a free initial interview.