As you get older you may be more conscious of your parents’ estate planning steps and be interested in how you can assist them with this process. There are many things you can do to help your parents maximize the value of their estate and minimize the potential influence of taxes.
Ultimately, this can benefit not just your parents but also you and any other beneficiaries who stand to inherit assets and other property when your parents are no longer around. Here are some of the most common tax saving strategies that can be utilized in order to accomplish this goal:
- Placing money inside trusts which helps parents with significant assets by setting up trusts that can make life easier for beneficiaries and avoid the process of those assets having to go through probate court.
- Gift money to potential beneficiaries while your parents are still alive to take advantage of gift taxes. This is up to $14,000 per person for 2016.
- Claim your parents as dependents in the event that they qualify. While this strategy may benefit you and not directly your parents, it is a great way to minimize taxes as your parents get older.
- Ensure that your parents are using IRAs strategically in order to minimize taxes.
- Evaluate all of their estate planning needs on an annual basis to make sure that their goals are in line with the documents and strategies they have established with the help of their estate planning attorney in Georgia.