Practice Areas

Estate & Gift Taxes

At Jordan Flournoy LLP, we recognize the necessity of transferring assets with minimum tax cost. We work extensively with clients to minimize not only estate taxes but also gift and generation-skipping transfer taxes. We understand our clients' desires to transfer assets that they spent a lifetime accumulating on a tax-free or tax-deferred basis to their spouse and then on a tax-minimized basis to their children. Additionally, we help our clients take full advantage of the exemptions and exclusions allowed by law.

Estate Planning Representative Tools and Techniques

Representative tools and techniques combined together and used as a foundation for creative tax solutions to minimize gift, estate, and generation-skipping transfer taxes include:

  • Maximizing annual gift tax exclusions
  • Maximizing medical and educational exclusions
  • Transferring assets to irrevocable trusts
  • BDITs or 678 Trusts
  • ILITs
  • QPRTs
  • Making gifts to Section 529 educational plans
  • Forming, funding, and making gifts utilizing family limited partnerships
  • Creating charitable trusts and foundations
  • Transferring assets to irrevocable trusts such as IDGTs and SLATs

Although there is no estate tax in Texas, federal estate tax exemptions are constantly changing. Therefore, frequently reviewing your estate plan with an estate planning attorney ensures that your plan reflects changes in the federal estate tax laws.