Asset Protection Planning Attorney in Indianapolis, Indiana Should I give assets away during my life?
Should I give assets away during my life?
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Whether or not to give assets away during an individual’s lifetime is a common question that we receive, but it’s one that really requires
intentionality. Intentionality regarding whether or not someone still wants control over that asset, how large the
individual’s estate is, and long-term, does the person who’s receiving that asset plan to keep it? There are tax issues involved um and many other things
that go into whether or not to gift an asset. Here in our office, we do assist clients with walking through those questions and determining if gifting
during life is important. Currently, an individual can give um federally up to $19,000 per year. And that’s known as the annual gift tax exclusion amount.
when that is used um to make a gift during life, it is not taxed to the individual making the gift or taxed to
the individual receiving the gift. And many times we like to walk through all of these scenarios with our clients to determine which one is appropriate in their particular situation.
Indianapolis, IN business attorney DeAnn Farthing talks about when you should give assets away during your life. She noted that one of the most common questions clients ask is whether they should transfer assets during their lifetime, and she emphasized that the decision requires careful planning and intentionality. According to her, several factors should be considered, including whether the individual wishes to retain control of the asset, the size of the person’s estate, and whether the intended recipient plans to keep the asset over the long term. She also pointed out that tax implications and other legal considerations play an important role in determining whether gifting an asset is appropriate.
She explained that her office assists clients by carefully evaluating these factors to determine whether lifetime gifting is the best option for their specific circumstances. She also noted that, under current federal law, an individual may give up to $19,000 per year through the annual gift tax exclusion without the gift being taxed to either the person making the gift or the recipient. According to her, reviewing each client’s unique situation helps ensure that gifting strategies align with the client’s financial and estate planning goals.
