Estate and Gift Tax

Precise valuations and adequate disclosure are required.

If you have a business succession plan in place and want to start gifting your ownership interest to your heirs to minimize the effects of the death tax, you first need to establish a credible value for those assets.

Estate and gift taxes are part of the unified gift and estate tax system established to make sure the federal government gets a share of your assets. Many states also have estate or inheritance taxes designed to accomplish the same thing.

In fact, you may be able to transfer wealth in your business, but you have to make sure your gift tax returns are accurate and you’ve provided “adequate” disclosure–meaning a quality appraisal by a qualified appraiser. Learn more.