Gifting: How Much is Too Much in Williamsburg, Virginia

Gift box of money

How much can you realistically afford to gift without jeopardizing your own financial security? The question is complex and the right answer might be the wrong answer!

As you may know, current law allows you gift a large sum of $5 million (more than $10 million for married couples) without triggering any gift taxes. Since the law is set to expire at the end of 2012, many are left guessing as to what will happen next year and gearing up for a very “gifted” 4th Quarter. But as you make plans to take advantage of the gift tax savings, have you carefully considered your own financial needs and goals?

From a tax planning standpoint, there may never be a better time for you to make a large gift. But, you know that life is about more than tax planning. The real question you need to answer, if you are inclined to make substantial gifts, is whether – and how much – you can afford to give. Wealth Strategies Journal recently published an article, “How Much Can You Gift,” to help you through the decision process.

Some things to consider:

  • Your personal goals, especially for retirement. Will they still be adequate after your generous gift?
  • Your age and health. Do you have many more income-producing years ahead, or is it possible you may need more money to provide for yourself and your spouse, especially if there are health issues to consider.

Consult the cited article for more gifting considerations. For example, you should not gift away – in any form – assets that are essential for your own financial needs. You can gift away assets to your children (or trusts for them) that you will never need. And don’t forget about estate planning tools that can help you make gifts that you may need, with “just in case” access if you do. Seek appropriate legal counsel for more information.

You can learn more about this topic as well as other strategies on our website under the tab entitled:  estate tax planning in Williamsburg, Virginia . Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: Wealth Strategies Journal (November 8, 2012) “How Much Can You Gift

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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.