A Wealth of Advice
A Wealth of Advice
Apr 21, 2021
How To Share Your Wealth With Your Family Without Giving The IRS A Cut
Play • 9 min

In today's episode Nicholas Olesen, CFP®, CPWA® shares a few strategies for gifting assets to family today in order to take advantage of current gifting laws and limits.

For many individuals whom have been able to accumulate more wealth than they will most likely need in their lifetime, they need to determine what their lifetime family and legacy goals are. Many have shared with us that while they want to provide for their kids and grandkids after they have passed, they really would like to pass along some of their wealth while they can see their family enjoy it. During these conversations we analyze how much and how often they can and should "gift" assets to their family and thought it would be helpful to spend a few minutes on the strategies and rules that apply.

Questions answered and topics covered:

  • What rules apply to gifting money to different people?

  • When is it better to use the lifetime exemption instead of estate tax exemption?

  • How are 529 contributions for kids or grandkids taken into account?

  • Are there any gifts that don't count as a gift?

Please send us feedback and any topic or questions you would like us to cover.  Email us at: nolesen@kathmere.com

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