It’s Sunday, which means...It’s recap time! 

This week, we took a deep dive into the 2020 gift tax rules, and how you can take advantage of lifetime gift strategies while these options are still on the table. 

Gifting, especially during your lifetime, can be a powerful strategy to transfer wealth, business interests, property, and a variety of other assets to your family and heirs, and with the current generous gifting and estate tax rules, now is the time to gift. 

Here’s what we covered in each episode this week:

• How The Gift Tax Exclusion Works
• The Lifetime Gift Tax Exemption...Explained
• Why lifetime gifting now makes sense compared to waiting until you die to pass along wealth 
• The best ways to gift assets and what types of assets you can give besides cash
• And lastly, the do’s and don’t of gifting assets to your heirs

Hopefully after listening to the One Minute Retirement Tip this week, you understand the gift tax, how it works both with the annual amount you can give, and the amount you can give over your lifetime without paying tax. And most importantly, I hope you understand why now is an ideal time to gift and why you shouldn’t wait to gift if you can afford to do it now. 

If you missed any of these episodes or if you want to revisit any of them, you can find them on iTunes, Spotify, or Google Play by searching for the “One Minute Retirement Tip with Ashley”. 

Tomorrow, we are starting a brand new theme: How Much Will Healthcare Cost In Retirement?

Ah, the big question that may people forget to plan for when they are figuring out how much money they will need to pay for healthcare in retirement. So next week, I’ll be talking about what you can expect to pay for healthcare in retirement, how medicare works, and to handle unexpected curveballs like needing expensive long-term care later in life. 

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

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