Estate Planning: Benefits of Year-End Gifts
Looking to save on taxes? Making gifts before year-end can have significant advantages. You can give millions without paying estate tax!
What are year-end gifts & Why should you consider them?
A year-end gift could be an amount that you give to a nonprofit or charity or even to a family member. Gifts to individuals under $15,000 per person per year don’t even need to be reported. And because annual gifts reduce the size of your estate, they also reduce the potential tax liability to your heirs.
Your Giving Plan, Going Forward
The bottom line is that giving sooner might make more sense, rather than waiting to bequeath your assets after you die. The lawyers at McLario, Helm Bertling and Spiegel advise sitting down with a tax and estate professional to consider how a giving strategy fits in with your overall plan, and to determine whether it makes sense for you to give now or later.