Words of Wisdom: "A wise man will make more opportunities than he finds."

Estate and Gift Planning






Unlimited gifts

You can make unlimited gifts to pay for another individual's medical expenses or school tuition as long as your payments are made directly to the institution.

Property transfer

If you have property which is not needed for your retirement, maybe it is a candidate for transferring during your lifetime. If it is a large income-producer, the future income will be taxed to the new owner and not to you, plus the property will be out of your estate.

Spousal transfer

You can generally make unlimited transfers to your spouse either during your lifetime or through your estate. There are generally no taxes on spousal transfers, regardless of size. But leaving everything to your spouse may not be a good idea, since doing so fails to utilize the lifetime exclusion amount in the estate of the first spouse to die. Planning will allow you to use the exclusion in both estates, and you'll be able to transfer twice as much to your heirs free of estate tax.

Life insurance proceeds

With proper planning, certain life insurance proceeds can be kept out of your estate.

Baldwin Accounting Corp.
1800 East Broadway
Logansport, IN 46947
Tel: (574) 753-3498
Fax: (574) 722-3774
Mon-Fri 9 - 5
Sat 9 - 12
till April 15,2013