Estate and gift taxes are determined based on valuation. Financial advisors and attorneys use our services to help clients plan for smooth transition. Families also rely on the information we provide to help them create sound business plans that benefit the next generations.
The Level Financial Group is known for making complex information easy to understand and for our thoughtful, friendly approach to working with clients.
Gift and estate taxes are a form of property tax. Gift taxes are a federal property tax levied when the transfer takes place during the owner’s lifetime. An estate tax is a federal property tax that’s charged when the transfer takes place as part of executing a will or settling an estate after the owner’s death.
In either case, a business valuation is used to determine the amount of tax that will be charged – and a business valuation can also help families plan for transitioning ownership of the business to heirs and beneficiaries.
By delivering a solid, IRS compliant, estate and gift tax valuation, Level Financial Group helps clients, saving them money by making sure they are not overpaying taxes and reducing the risk of audits and penalties for underpaying taxes.
Appropriate valuation also helps business owners and their beneficiaries plan ahead and make better decisions. Level Financial Group can consult with clients on how and when they can take advantage of annual gift exclusions and trusts to reduce tax liability.
Many families with businesses or large estates will use the services of an estate attorney to guide the process. Level Financial Group provides estate and gift tax valuation to assist with estate administration.
While South Carolina does not impose a state inheritance tax, other business calculations will determine how much state tax is owed as the process of transferring ownership is completed.
