A Madison financial advisor can help individuals and businesses identify their financial goals and create a plan to achieve those goals. From estate planning to investment advice, a Madison financial advisor is available to provide you with the advice you need on a wide range of topics. Perhaps you are planning parenthood or would like to retire early. Maybe you are buying a home in Madison or saving for a college education. You can find a WI advisor who will help you build a solid economic future for you and your family.
If you have a large estate in Madison, Wisconsin, and would like assistance in estate planning, a Madison financial advisor can help. Estate planning has an inherent amount of taxation issues. You and your family can avoid those issues if you plan well and utilize gift giving as a way to split up the estate over time. Gift giving is when the owner of the estate gifts monies to individuals or charities. If you would like to see the benefits your Madison estate can provide others now rather than later, gift giving can be the perfect solution.
Gifting a Madison estate over time allows you to eliminate the extensive taxation that your beneficiaries will have to contend with in the event of your death. It also allows you to feel a sense of accomplishment as you see the money providing much needed financial assistance to those who need it most. The first step to Wisconsin estate planning is to decide who you would like to receive the gift. Perhaps you have a favorite charity you would like to contribute to, or maybe you have a family member who is in desperate financial straits. Once you determine who your recipients will be, talk to a Madison advisor to setup a plan to give your money over a course of years.
The definition of a gift is something you give someone without expecting anything of equal value in return. Financial or property gifts are not considered taxable unless they exceed the annual exclusion for the calendar year in which they are given. In 2009 for instance, the annual exclusion was $13,000 per person. You can choose to give gifts to a spouse, a charity, or can use them to help on expenses for someone else such as tuition or medical costs. Expenses such as these would need to be paid directly to the school or the medical provider rather than to the recipients. A Madison financial advisor can help you with understanding the annual exclusion amounts for each year.
You may also want to consider gift splitting as a way to give more than the annual exclusion without having it be taxable. Gift splitting is an agreement between you and your spouse on splitting a gift between the two of you. This allows a married couple to give twice the annual exclusion amount without taxation. For instance, if the annual exclusion was $13,000 and you used gift splitting to give a gift to charity for $25,000, you would fall below the annual exclusion amount of $26,000 for the two of you combined. There are specific tax forms that must be filled out if you choose to use gift splitting. Talk to your Madison financial advisor for more information.
If you do go over the annual exclusion amount, you or the recipient will have to pay taxes on the overage. You may want to plan ahead for this and instead give part of your gift in one year and part of it in the next to eliminate the taxation requirements. Gift giving is an excellent way to provide financial assistance to those who need it the most today rather than later. You can enjoy the benefits your money can provide others while eliminating tax concerns. If you would like to explore gift giving further, talk to a Madison financial advisor about how you can better plan your estate using gifts.
There are many ways to find a Madison financial advisor. One of the easiest and most convenient is by looking online. There are many online financial advisors available to help you with any monetary need. If you own a small business in WI, and would like help with taxation, or if you are an individual who needs help with a 401k or Roth IRA plan, you can easily find a Madison financial advisor online who can help you with your needs.
A Madison financial advisor is perhaps one of the most important resources to anyone with an income. From estate planning, to retirement planning you can find an advisor who can assist you in Wisconsin. No matter whether you are looking for an investment advisor, retirement advisor, or a CPA, you will find what you need online today.
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Matt Cuplin, CFP® CERTIFIED FINANCIAL PLANNER
Midwest Financial Group1806 Seminole Highway
Madison, WI 53711