Four Things to Consider About Holiday Gifting and Estate Planning
We have all received holiday gifts we secretly did not want or that did not fit us at all. In the same way that mistakes are a common occurrence when people gift Christmas presents, mistakes are also common when people make gifts as part of an estate plan. While there are many complex estate planning laws, by mastering them you can maximize the amount of assets that you pass on to loved ones. The following reviews just some of the critical strategies that you should remember to follow if you plan on gifting assets to a loved one this holiday season. Consider Waiting Until Early in the Year Many people gift during Christmas and the end of the year, but in reality, it is better to pass on gifts early in the year. By gifting early, the year’s gains are transferred to the beneficiary’s tax status. Additionally, by gifting early in the year, you make sure that you have ample time to carefully choose and plan the gift. Consider waiting a month or two and avoiding a rushed gift this holiday season. Plan Carefully for Appreciated Assets Many people write checks when making gifts as part of an estate plan, [...]