Section 1: Establish Your Estate Plan Foundation
Gifting assets now can reduce the size of your estate and let you see your loved ones enjoy your gift.
Your children might benefit more from the gift now, instead of waiting until later. Plus, it can be an opportunity to create more memories together!
Before gifting, remember:
Gifting assets may trigger capital gains taxes
Income attribution rules may apply for gifts to spouses or minor children
You lose control of gifted assets
Gifts may be exposed to the recipient's creditors or family law proceedings
Don't jeopardize your own financial security!
