Failure to grasp the scope of individual, family or corporate assets can mean significant tax problems when passing property interests to a family member or business associate. No one wants to leave loved ones and colleagues with a potentially large tax payment.

The practice of estate and gift tax planning allows families to structure assets in a way that lessens their tax burden while maximizing long-term wealth. Proper planning also produces financial benefits not only for immediate family members but for business successors and legal heirs. Pinpointing net worth, analyzing current investments and their likely tax consequences, and structuring the way charitable contributions and tax payments are made, among other things, will help diminish short-term tax exposure as well as reduce the prospect that heirs or successors are not left with a big tax headache.

Stan Arner, John Skakun and Connie Aycock are involved with Estate and Gift Tax Planning.