If you want to pass down your assets to your loved ones, gifting is a great way. But there are certain laws and restrictions that you need to be aware of. Today’s guest, Diana Kahn, talks about the things you need to know about gifting to heirs — the laws and limits of gifting, taxable and non-taxable gifts, what and when to gift, and more!

Diana Kahn is the president and founder of the Financial Pharmacist. She has nearly three decades of experience as a certified financial planner.

In this episode, they talk about:

• Gifting to heirs tax laws and limits in the United States
• Gifts that are not taxable and the tax limits and triggers
• The pros and cons of gifting to heirs during one’s lifetime vs. waiting until the estate is settled after death
• Vehicles available for gifting to heirs — 529 plan, paying medical/education expenses, etc
• The concept of an ethical will to pass down family stories, values, legacy, etc.
• Is planned gifting to heirs only for the wealthy
• Factors to indicate that your gifting strategy is in place

Memorable Quotes:

“If the money can stay with the family, why should it go to Uncle Sam?” 

“Planned giving to heirs is not only for the very wealthy... gifting strategies are for everybody.” 

“No clients should give gifts to the extent that it really hampers their own downtime years or their own retirement years.”

Resources:

Financial Pharmacist Website: https://www.thefinancialpharmacist.com/ 

Diana Kahn on LinkedIn: https://www.linkedin.com/in/diana-kahn-cfp%C2%AE-0ba50426/ 

Find out more about Vi Living at our Website: https://www.viliving.com/

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