Ep 19: Lifetime Gifting: Is it Right For Your Strategy?

Retire On Your Best Path with Liz Whitteberry

If you're planning to leave your wealth to your children and grandchildren, should you also make gifts to them throughout your lifetime? With the Tax Cuts and Jobs Act expiration on the horizon, we’ve had several questions about this recently. Today we’ll talk about some important things you should think about when considering lifetime gifts.

In this episode, we’ll explore the benefits of lifetime gifts, including how they can reduce your tax burden and provide financial support to your loved ones. We’ll then dive into the nitty-gritty details of gifting, such as how much you’re allowed to gift each year, gifting more than the annual exclusion amount, and important issues to consider when gifting to minors and young adults.
Join us as we discuss how to determine if lifetime gifting is the right decision for you and your financial strategy.
Here’s some of what we’ll discuss in this episode:

• Some powerful benefits of lifetime gifting. (1:04)
• How much are you allowed to gift each year? (4:38)
• What can you do if you want to give away more than the annual exclusion amount? (8:48)
• Some issues to think about when gifting to minors and young adults. (16:18)
• How to determine if lifetime gifting is right for you. (19:00)

If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact