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Generally there are non-tax reasons for making gifts to beneficiaries or children, but most of the time when we’re making gifts we’re doing so for tax reasons. And what we’re trying to do is we’re trying to gift usually highly appreciating assets such as real estate and some technology stocks, you know, that kind of something that can really pop in value. And so what we’re really trying to do is to shift the future appreciation on those assets to the next generation.
One of the things we also try to do when we’re gifting to the next generation, especially with families that have large ownership of some real estate is we’re trying to bring the next generation into, we’re trying to educate them to the family wealth. To the closely held business. And so there is a lot of mentoring that we try to do when we’re implementing the gift strategy.
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California estate planing and administration attorney, Laurence Dugoni, discusses why someone with assets should gift during their lifetime.