Are you considering transferring wealth, assets, or property to your heirs? You may be in for a much more difficult – and costly – procedure than you realize. While giving to those you love is wonderful, you must be aware that giving isn’t free.
If you’re in a position to help out younger family members or friends, or if you’re contemplating how to best transfer your estate to your heirs, it is crucial to understand gift tax regulations. Some gifts aren’t subject to any tax, but many are. A quick study of the numbers and rules can prevent you from taking an unnecessarily large tax hit and help you plan how to transfer your wealth. In addition to familiarizing yourself with gifting rules, contact an estate planner or attorney to make sure your heirs receive everything they’re entitled to.