DO I HAVE TO DIE TO GIVE ASSETS TO MY CHILDREN?

June 28, 2018
Assets to my children

DO I HAVE TO DIE TO GIVE ASSETS TO MY CHILDREN?

No. There are many options to transfer wealth to loved ones during your lifetime so that you can benefit from seeing it enjoyed without incurring gift tax penalties.  It’s important to meet with a financial planner to ensure that you have the resources you will need and want for your future to remain financially secure. Consider that life expectancy is difficult to estimate so be conservative. Also, take into consideration various long-term care needs.

Once you have determined that you have the resources reserved for your future, you can meet with an estate planning attorney to discuss various ways to transfer “extra” assets and wealth to loved ones. Some of those methods include:

  • Funding education plans
  • Paying for education and medical expenses directly to the institution
  • Taking advantage of annual gift tax exemptions and lifetime exemptions

To explore ways of giving now, call 443-470-3599 to schedule a consultation with an experienced estate planning attorney at Stouffer Legal.

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