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Robin Lloyd & Associates, P.A.Robin Lloyd & Associates, P.A.
Robin Lloyd & Associates, P.A.Robin Lloyd & Associates, P.A.
  • Our Firm
  • Areas of Practice
    • Estate Planning
    • Probate & Trust Administration
    • Private Client Services
    • Corporate & Business Administration
    • Real Estate Services
  • Attorneys & Paralegals
    • Robin A. Lloyd, Sr., J.D.
    • Emily Helmick, Esq.
    • Brenda Lloyd, CP, FRP
    • Tiffany Coleman
  • News
  • Community
  • Contact

Tuesday Tip: Do NOT Forget Tax Neutral Transfers, by Robin A. Lloyd, Sr., Esq.

Home News and PressTuesday Tip: Do NOT Forget Tax Neutral Transfers, by Robin A. Lloyd, Sr., Esq.
Tuesday Tip: Do NOT Forget Tax Neutral Transfers, by Robin A. Lloyd, Sr., Esq.

Tuesday Tip: Do NOT Forget Tax Neutral Transfers, by Robin A. Lloyd, Sr., Esq.

July 18, 2017 Posted by RLA News and Press

Many times while talking to clients about the needs of their children or grandchildren they mention their use of the annual exclusion ( $14,000) or excess gifts. Others have established Dynasty Trusts or other conduit entities from which they want to use funds.

All of these approaches are acceptable, except the excess gifts. But more importantly you need to consider the use of the funds. The HEMS standard can be applied here for the most part. Especially if the funds are being used for health or education. If you pay the funds directly to the health care provider (Doctor, Dentist or Hospital) or to the Educational Institution it will usually not be gift taxable to you. This is what I mean by “Tax Neutral.” If you are going to have a taxable Estate, this may be a good way to reduce your Estate.

Other factors may go into these decisions, for example, income tax on funds used, but from an Estate Tax or Gift Tax point of view this works.

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Robin Lloyd & Associates, P.A. is an established firm handling the legal needs of Vero Beach since July of 1990. Robin A. Lloyd, Sr., a Vietnam War veteran, founded the Firm after practicing as a Partner in the Vero Beach office of a 55-laywer firm headquartered in West Palm Beach since 1974. The Firm represents many Clients, including high wealth individuals, and focuses on several different areas of law including, but not limited to: Estate Planning, Probate, Guardianship, Trust Administration, Real Estate, all areas of Taxation, and Business Law.

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