Thinking about gifting money or assets to your kids or other family members? Before you write that check or transfer that stock, there are some important tax rules and planning pitfalls you need to understand.

In this episode of Gimme Some Truth, Nate, Evan, and Polly break down everything you need to know about lifetime gifting — from the 2026 annual gift tax exclusion ($19,000 per recipient) to the lifetime gift tax exemption ($15 million individual / $30 million for married couples). They explain when you need to file Form 709, what types of assets you can gift, and why gifting appreciated stock can actually backfire thanks to the step-up in basis trap.

The conversation goes beyond tax rules into the real-world side of gifting that most people overlook. How do you talk to your kids about receiving a large gift? What happens to your child's college financial aid if you gift them money at the wrong time? And why does relinquishing control over the gift matter more than most people realize?

They also cover custodial accounts vs. 529 plans, the tax implications of gifting real estate, and the most common pitfalls advisors see when clients try to gift without a plan. Whether you're thinking about helping your kids with a down payment, funding a grandchild's education, or simply passing along wealth while you're alive to see it enjoyed, this episode gives you the framework to do it the right way.

Topics covered:

- What assets you can gift (cash, stock, real estate, and more)

- 2026 annual gift tax exclusion ($19,000) and when to file Form 709

- Lifetime gift tax exemption ($15M individual / $30M married)

- The step-up in basis trap when gifting appreciated stock

- Real estate gifting considerations

- Why communication with gift recipients matters

- How gifting affects college financial aid and FAFSA

- Custodial accounts vs. 529 plans

- Why relinquishing control is essential

- Where to start before you gift

- Common gifting pitfalls to avoid

Check out the related blog post for additional information - https://walknercondon.com/blog/gifting-to-family-members-what-to-know-before-you-give/

Chapters:

0:00 – Introduction & Evan's CFP Journey

1:49 – Polly's Milestone: First Tooth & the Tooth Fairy Economy

3:03 – What Assets Can You Gift?

4:50 – 2026 Annual Gift Tax Exclusion ($19,000) & Form 709

6:13 – Lifetime Gift Tax Exemption ($15M Individual / $30M Married)

6:50 – Gifting Stock: The Step-Up in Basis Trap

9:04 – Real Estate & Other Asset Gifting Considerations

9:57 – Why Communication with Recipients Matters

11:37 – Impact on College Aid & FAFSA

12:41 – Custodial Accounts & 529 Plans

14:52 – The Importance of Relinquishing Control

15:47 – Where to Start Before You Gift

18:13 – Common Gifting Pitfalls to Avoid

21:16 – Best Gifts We Ever Received

21:56 – Closing Thoughts & Contact Information

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