LA's Trusted Gift Tax Specialists Since 1988
Protect your family's financial future with strategic gift tax planning. From property transfers to education funding, we'll guide you every step of the way.
Maximize Your Family's Wealth Transfer Through Expert Planning
Optimize Your Annual Gift Tax Exclusions
Stay within annual limits while maximizing wealth transfer to your loved ones through strategic planning and timing of gifts.
Secure Your Family's Property Transfer Strategy
Navigate complex property gifting regulations with expert guidance, ensuring smooth transitions and minimal tax impact.
Protect Multi-generational Wealth Transfer
Create comprehensive gifting strategies that preserve family wealth across generations while maintaining tax efficiency.
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Expert Gift Tax Planning That Protects Your Family's Legacy
At Lim and Lim Accountancy Corporation, we specialize in navigating the complexities of gift tax planning for Los Angeles families. Our comprehensive service covers annual exclusion planning, lifetime exemption tracking, and strategic family wealth transfers. Whether you're planning to help with a child's home purchase or structuring business ownership transfers, our experienced team ensures compliance while maximizing tax benefits.
Our process begins with understanding your family's unique needs and goals, particularly for multi-generational wealth transfer. We provide detailed documentation support, meticulous return preparation, and ongoing compliance monitoring. With our deep understanding of both domestic and international gift tax regulations, we help you avoid common pitfalls while building a lasting legacy for your family.
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FAQs
Common Gift Tax Questions Answered
For 2025, you can gift up to $19,000 per person annually without triggering gift tax reporting requirements. Married couples can combine their exclusions to gift up to $38,000 per recipient. Amounts above these thresholds require filing Form 709, though you may not owe tax due to the lifetime exemption. Our team helps you strategically plan gifts to maximize these benefits.
Transferring business interests requires careful valuation and structured planning. We help determine fair market value, consider minority discounts when applicable, and structure transfers to minimize tax impact. Our team can design multi-year gifting strategies that align with your succession planning goals while maintaining business continuity.
Educational gifts offer special advantages. Direct payments to educational institutions for tuition are exempt from gift tax limits. We can help structure 529 plan contributions, coordinate with other family members' gifts, and maximize education-related tax benefits while ensuring compliance with all reporting requirements.
Gifts exceeding the annual exclusion require filing Form 709, even if no tax is due. We handle all necessary documentation, track your lifetime exemption usage, and ensure timely filing. Our team also helps coordinate spousal gift-splitting and maintains detailed records for future reference.
Phone
Speak directly with a CPA about your accounting or business needs during business hours.
Office
Schedule an in-person consultation at our convenient Koreatown location on Wilshire Boulevard
Related Services
From tax planning to business advisory, our comprehensive services work together to maximize your business's financial potential
Start Your Strategic Gift Tax Planning Journey
Schedule a complimentary consultation with our experienced team to protect your family's wealth transfer and maximize tax benefits.
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