BOSTON--(EON: Enhanced Online News)--Hemenway & Barnes LLP, one of Boston’s most storied legal and fiduciary firms, today issued a paper detailing tax and estate planning strategies for year-end 2013. The paper, “Making the Most of Year-End Estate Planning,” notes that laws enacted over the past year give wealthy families a more secure environment to organize their estates.
“Making the Most of Year-End Estate Planning”
“A more certain tax landscape in 2013 presents opportunities to make informed decisions that will benefit families,” writes Nancy E. Dempze, partner at Hemenway & Barnes and author of the paper. “Wealthy taxpayers who are willing to plan ahead, fund trusts early on, and leverage the gift tax exemption can significantly reduce their estate tax down the line.”
Hemenway & Barnes makes several recommendations for year-end planning, including:
- Maximize family gifts: make use of the $5.25M lifetime gift tax exclusion, but watch out for the impact on capital gains taxes when gifted assets are sold.
- Take advantage of the gift tax exemptions for annual gifts of $14,000 and the payment of medical and tuition expenses on behalf of family members.
- Be charitable: 2013 is an ideal year to donate appreciated stock, and for donors over 72 to donate directly from an IRA to charity.
- Use the right vehicle for family and charitable gifts. Generation-skipping trusts, family foundations, donor advised funds and charitable lead trusts are terrific options in the right situation.
About Hemenway & Barnes
Based in Boston, Hemenway & Barnes LLP has served for 150 years as trusted counsel to the region’s high net worth families, businesses, and nonprofit organizations. The firm is uniquely designed as a home for legal and financial expertise, with a focus on providing each client with services that are specifically tailored and results-oriented. Areas of expertise include estate planning, litigation, corporate work, and real estate. Its affiliate, Hemenway Trust Company LLC, is a New Hampshire based, private trust company offering a full range of wealth advisory and management services.