North Kingstown Gift Tax Lawyer
Our North Kingstown, RI gift tax lawyer at Aptt Law LLC helps individuals and families understand, plan for, and comply with federal gift tax laws when transferring assets to others. Whether you’re giving a large financial gift, transferring real estate, or gifting shares of a family business, the IRS may require you to report these transactions and, in some cases, pay taxes on them. By working with our high-value gift tax advisors, you can avoid costly mistakes and make the most of allowable exemptions. Contact us today to learn how we can assist.
Gift Tax Lawyer North Kingstown, RI
When you give a gift of money or property to another individual, you’re responsible for paying a gift tax. The IRS allows a certain amount of gifts to be made tax-free, but gifts above the designated threshold amount may count against your lifetime gift and estate tax exemption. In 2025, the annual gift tax exclusion amount—or the amount you can give away throughout the year without reporting it on your taxes—is $19,000 per recipient, or $38,000 per recipient if you’re married. Over your lifetime, you can give away $13.99 million per person, or $27.98 million for married couples, without having to report it to the IRS.
If you exceed these amounts, you’re required to file IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The amount of tax you’ll need to file will depend on the amount of the gift that exceeds these limits, but generally, the tax rate will fall between 18% and 40%. Our gift tax planning attorneys can help you track these amounts and determine how they may affect your taxes.
Some types of gifts are tax exemptable, such as spousal gifts, certain charitable donations, gifts to political organizations, or payments made to educational or medical institutions. If you’re wondering if a gift may be exempt, our North Kingstown gift tax attorneys can help clarify the stipulations for you.
Maintaining compliance with federal gift tax laws is of vital importance when transferring monetary or physical assets to others. Our IRS gift tax lawyers will work with you to make sure that you’re abiding by all federal regulations. If you’ve already made significant gifts without filing the proper forms, our federal gift tax compliance lawyer can help you resolve issues with the IRS, including correcting past returns or responding to audits. The consequences of noncompliance can be serious, including penalties and interest. That’s why legal guidance is so valuable—especially for high-net-worth individuals or those managing large, multi-generational gifts.
When It Comes To Gift Taxes, Experience Matters
Whether you’re currently planning on gifting funds or assets to loved ones or looking to get help managing a prior transaction, our North Kingstown gift tax attorneys can offer the knowledge and support needed to stay compliant.
- We respond to consultation requests with a 24/7 live answering service, so you can reach us day or night
- By serving all of Rhode Island and Massachusetts, we provide trusted legal services to those looking for aid in the area
The right legal support can help protect your long-term financial legacy while allowing you to confidently give generous gifts to your friends and family members. By working with our team at Aptt Law LLC, you can make sure you stay compliant when doing so. If you have questions or if you need assistance managing your taxable assets, contact us today to speak with our qualified attorneys.
Disclaimer:
- The Rhode Island Supreme Court licenses all lawyers in the general practice of law, but does not license or certify any lawyer as an expert or specialist in any field of practice. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer client relationship.
- No Attorney-Client Relationship Created by Use of this Website. Neither your receipt of information from this website, nor your use of this website to contact Aptt Law LLC (hereinafter “the Firm”) or one of its lawyers creates an attorney-client relationship between you and the Firm. You will become a client of the Firm only if and when you sign an engagement agreement setting forth the scope of the Firm’s engagement, the fee arrangement and other relevant matters.
- Disclosure Under IRS Circular 230: Any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related transaction or matter.
