For some, the goal is to enjoy their assets while alive and then give away what is left after their death. For others, estate planning means that they want to give away their property during their lifetime. But, for most we want a little of both.
Gifting is not just an important estate planning tool, it is an expression of love and affection. And, can give children or others a head start in life. Some of the advantages of gifting is that it reduces the size your estate, probate costs and, to some extent, taxes. Gifts can also accomplish income tax savings.
All gifts should be examined very carefully and Inheritance Network recommends that you have someone from our Network contact you you about the gifting strategy.