Basics of Gifting

Gifting is a way to reduce your estate by passing on property to others while you are still alive. Individuals are allowed to gift up to $13,000 in property to an individual per year. You may make as many $13,000 annual gifts as you wish to any number of individuals, without being required to file a gift tax return. For more information on the basics of gifting, read this Financial Strategy.

Don’t Make Uncle Sam Your Beneficiary

A successful estate plan takes more than good intentions. If you do not have a Will in place, a nameless, faceless court will decide how your assets will be distributed. This is one of many pitfalls you could face if you do not revisit your estate plan, as your family situation or federal and state laws change. For more information on areas you should consult your estate planning attorney or tax adviser on, read this Financial Strategy.