3 Gift Planning Strategies to Consider

2:39 pm Estate Planning

money gift 2 e1316545217983 3 Gift Planning Strategies to ConsiderThe fiscal cliff tax deal made permanent generous estate and gift tax exemptions; if you are planning on gifting, here are three common strategies to employ:

Trusts.  Trusts can be helpful for those who wish to limit the beneficiaries’ access to assets while you are still living, as they can be used to hold assets for the benefit of heirs while putting restrictions on the use of those assets.  A grantor can also use trusts to benefit multiple generations without incurring a transfer tax.

Outright gifts.  Gifts of stock, cash or property can be given to individuals outright; the recipient receives the donor’s basis in the property for tax purposes.

Spousal trust.  A spousal trust can be a good choice for married couples that want to use their GST or gift exemption but wish to retain the benefit of the gifted assets.

For more information on tax saving strategies as part of a comprehensive estate plan, contact our Orange County law firm.

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