Things You Need to Know Before Making Gifts

Making gifts is as a powerful estate planning strategy that provides both taxable and non-taxable benefits, such as reducing your taxable estate and leaving more for your heirs and charitable causes. Yet very often people make gifts without fully understanding the tax implications.

In this video, I explore the important concepts of gifting to help you avoid mistakes, taxes, and penalties. Learn what constitutes a gift, the different types of gifts, and the applicability of the current annual exclusion and lifetime gift exemption amounts.

I also discuss taxable and nontaxable gifts, including marital, qualified, and charitable gifts. Finally, I cover the importance of reporting gifts to the IRS in order to start the statute of limitations.

Tune in to make informed decisions that align with your financial and estate goals!

---------
Vitaly Novok is a fiduciary financial planner with Lestna Retirement. He helps people protect their wealth and maximize the lasting impact of their legacy by creating personalized financial and estate planning strategies.

► Free call: https://calendarhero.to/introductory
► Visit Lestna Retirement: www.lestna.com

Follow Vitaly on:
- LinkedIn: LinkedIn: vitalynovok
- Twitter: Twitter: vitalynovok

#financialplanning #estateplanning #gifting