This week I’m talking about the 2020 gift tax rules, and how you can take advantage of lifetime gift strategies while these options are still on the table. 

Today, I’m talking about the best ways to give assets. As I’ve been trying to shout from the rooftops all week, lifetime gifting right now is as attractive as it’s ever been in your lifetime, making now an ideal time to gift. But as I’ve also explained, the clock is ticking, so if you're going to take advantage of the current rules and pay zero tax on millions of dollars that you can gift to your heirs, now is the time to do it. 

Now most people think about gifting in terms of cash gifts. But there are numerous assets that you can gift. Large gifts will be subject to the lifetime gift tax exclusion, but you can still give over $11 million if you're single, and over $23 million if you’re married tax-free during your lifetime...at least for now. 

The best kind of gifts you can give are the ones that don’t eat into your lifetime exemption amount at all. These gifts are: 

• Gifts to charities approved by the IRS
• A gift to your spouse (as long as he or she is a U.S. citizen)
• A gift to cover someone’s education tuition, if paid directly to the educational institution 
• Gifts to cover someone’s medical expenses, if paid directly to the medical facility
• A gift to a political organization

Other types of gifts that will eat into your lifetime exemption, but that are still powerful ways to pass wealth during your lifetime tax-free include gifting property, business interests, stocks, bonds, mutual funds, & collectibles. 

So if you own a beach house or a business that you want to pass on to your heirs, there has literally not been a better time in your lifetime to pass along these assets to your heirs, free from tax. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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