GIFTING BEFORE YEAR’S END

Dec 9th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog

Gifting Advantages for Estate Planning

For the most part, SCJ writes about the majority of seniors who live on fixed incomes and have to manage every penny very carefully.  We are dedicated to continue to provide articles for the majority of seniors. However, there is also another senior group that deserves attention.  That is those seniors who have an estate to leave to their children, and need to have the best advice for how to leave the most possible.

If you are among the fortunate group of seniors who have significant money to leave to your children and grandchildren, you need to know some of the basics.  And you need to know that the starting place is what to do with excess funds in the last few days of the year.  That’s now.

Create a Plan for Gifting

First, if you don’t already have a financial planner assisting with decision making regarding your estate, get one. Ask your friends, trusted family members, clergy-person, attorney whom they recommend, and engage the assistance of someone recommended by them.

Second, know that in the last few days of 2011, you have opportunity to gift $13,000 each to your son(s) and your daughter(s) and your grandchildren.  And if you are married, your spouse can gift the same amount to each of your progeny.  Obviously, amounts gifted will depend upon your resources and those available for gifts.

Third, if you are hesitating about gifting, think about this… you can leave all your estate to your children/grandchildren, and they will appreciate the gift — after you have died.  You won’t be around to see the joy you created in their lives with the gift you offered. On the other hand, you can give the gift now, be around to see their surprise and gratitude, and enjoy the hugs and kisses from children and grandchildren who never anticipated nor expected your generosity.

Think about it…  hugs ‘n kisses are great rewards…



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