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November 23, 2016

What is lifetime (noncharitable) gifting?

Gifting can be a powerful estate planning tool, allowing you to transfer your wealth to others during your lifetime. Lifetime gifts have many advantages over gifts you might leave in your will (these are called bequests, legacies, or devises). You might find making lifetime gifts desirable for nontax reasons (e.g., personal gratification), or perhaps you'll make lifetime gifts for tax purposes (e.g., taking advantage of the annual gift tax exclusion), or your estate planning objectives may be the outcome of both nontax and tax factors. You'll want to figure your own personal desires and the tax implications of making lifetime gifts to fully clarify your estate planning objectives. When you have selected what property to give, the process of completing the transfer may be fairly simple (e.g., giving cash) or more complex (e.g., transferring ownership of a business). Make sure that you follow through and properly transfer ownership (e.g., change name on titles). 

Tip: You may need the help of a professional to complete certain property transfers--an attorney for transfers of real estate and business ownership interests, a trust officer for transfers of property to a trust, or an insurance professional for gifts of life insurance.Technical Note: Lifetime gifts are also referred to as inter vivos gifts.

IMPORTANT DISCLOSURES This information has been prepared by Broadridge Investor Communication Solutions, Inc. Minis & Company does not endorse the content provided, it is to be viewed for informational purposes only. Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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