『Should You Gift Assets Before You Die? The Tax Mistakes to Avoid』のカバーアート

Should You Gift Assets Before You Die? The Tax Mistakes to Avoid

Should You Gift Assets Before You Die? The Tax Mistakes to Avoid

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概要
 Giving assets to your children may sound like a simple way to reduce your estate, but the wrong gift can leave your family with a much larger tax bill. The type of asset you give, its cost basis, and when you transfer it can completely change the outcome.

Todd Lutsky and Susan Powers examine the estate planning and tax consequences of gifting assets during your lifetime. They discuss real court cases involving inheritance and real estate, answer listener questions about Massachusetts estate taxes, and explain why gifting cash can produce a very different result from giving away appreciated property.

They cover:
• Why gifting assets before death can mean losing the step up in cost basis
• How a poorly drafted estate plan can create unintended inheritances when beneficiaries die first
• Why trusts can provide greater control and protection when leaving assets to parents, children, or grandchildren
• What happens when real estate is sold below market value and becomes part sale and part gift
• Why gifting cash may make sense in situations where gifting appreciated investments does not
• How vacation homes and rental properties can create significant capital gains and depreciation recapture issues
• When paying Massachusetts estate tax could actually cost less than giving appreciated property away during your lifetime
• How spousal lifetime access trusts can help certain higher net worth families move assets outside an estate while retaining indirect access through a spouse

The key takeaway: Just because you can give assets away does not mean you should. Effective gifting requires comparing estate taxes with potential capital gains taxes, considering the cost basis of each asset, and determining whether an outright gift or a properly structured trust better accomplishes your goals. The right strategy can vary dramatically depending on whether you are transferring cash, investments, real estate, or other appreciated property.
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