Gifting to Family
Many people believe that truly “charity begins at home.” There are many ways to give to your family. This page discusses a few of the options you have.
Giving at death
One popular method of giving is to do so upon death through one’s Trust or Will. If there is no estate tax situation for you, this may be an option you wish to select. On the other hand, by giving at death you are not able to see your family enjoy the gifts.
Giving during your lifetime
Another method is to give to your loved ones on some periodic basis during your lifetime. This gives you the advantage of seeing the gifts enjoyed, and it allows your loved ones to share their enjoyment with you. Of course, you must consider the possibility that your giving will make the others dependent on your gifts – this may be a good thing or a bad thing, depending on your situation.
Tax consequences
At the present time, an individual can give up to $13,000 each year per recipient to as many people as one wishes without involving any gift taxes. If a husband and wife join in the gifts, they can give up to $26,000 each year per recipient to as many people as one wishes without involving any gift taxes.