Page 83 - Ultimate Guide to Estate Planning Third Edition_Neat

can't easily do that with a LegalZoom type of
product. You can match your principles in
ways that you can't really do using internet-
based forms.

Should I start giving wealth while I am
alive?

If your estate (net worth plus life insurance) is
taxable (above $2,100,000 in Minnesota in
2018 and migrating upward to $3 million
thereafter – double that if you are married),
you may want to consider giving some of your
wealth to them while you’re still alive
pursuant to the annual exclusion ($15,000
annually) or even using some of your lifetime
gifting exemption (which correlates with your
estate tax exemption). From a federal estate
tax exemption perspective, the value of your
estate has to be over $22 million before you
need to be concerned with using up your
federal estate tax exemption.

One of my favorite ways of gifting to the next
generation while you’re still alive involves the
creation of a family limited liability company.
Essentially, you create the family limited
liability company and you start gifting an

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