Lifetime Transfers to Children

Family photoGifting can be a powerful estate planning tool, allowing you to transfer your wealth to other during your lifetime. Lifetime gifts have many advantages over gifts you might leave in your will (these are called bequests, legacies, or devises). You might find making lifetime gifts desirable for non-tax reasons (e.g., personal gratification), or perhaps you’ll make lifetime gifts for tax purposes, (e.g., taking advantage of the annual gift tax exclusion) or your estate planning objectives may be the outcome of both non-tax and tax factors. You’ll want to figure your own personal desires and the tax implications of making lifetime gifts to fully clarify your estate planning objectives.

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