How To Share Your Wealth With Your Family Without Giving The IRS A Cut

<p><span style="font-size: 12pt;">In today's episode <a href= "https://www.kathmere.com/team/nicholas-olesen-cfp" target= "_self">Nicholas Olesen, CFP®, CPWA®</a> shares a few strategies for gifting assets to family today in order to take</span> <span style="font-size: 12pt;">advantage of current gifting laws and limits.</span></p> <p><span style="font-size: 12pt;">For many individuals whom have been able to accumulate more wealth than they will most likely need in their lifetime, they need to determine what their lifetime family and legacy goals are. Many have shared with us that while they want to provide for their kids and grandkids after they have passed, they really would like to pass along some of their wealth while they can see their family enjoy it. During these conversations we analyze how much and how often they can and should "gift" assets to their family and thought it would be helpful to spend a few minutes on the strategies and rules that apply.</span></p> <p><span style="font-size: 12pt;">Questions answered and topics covered:</span></p> <ul> <li> <p><span style="font-size: 12pt;">What rules apply to gifting money to different people?</span></p> </li> <li> <p><span style="font-size: 12pt;">When is it better to use the lifetime exemption instead of estate tax exemption?</span></p> </li> <li> <p><span style="font-size: 12pt;">How are 529 contributions for kids or grandkids taken into account?</span></p> </li> <li> <p><span style="font-size: 12pt;">Are there any gifts that don't count as a gift?</span></p> </li> </ul> <p><span style="font-size: 12pt;">Please send us feedback and any topic or questions you would like us to cover.  <a title= "A Wealth of Advice" href="mailto:nolesen@kathmere.com" target= "_blank" rel="noopener">Email us at: nolesen@kathmere.com</a></span></p>