Avoiding the Gift Tax
Tuesday - June 25, 2013 at 7:52 am
A commonly used estate planning tool is gifting. Giving family and friends money or items before you pass on in order to reduce the size of your taxable estate. This is especially useful if you were going to bequeath to these individuals anyway and if you believe you will have a taxable estate. But people who gift incorrectly often find themselves owing taxes they don’t understand.
Mike Switzer interviews Carter Boucher, a Certified Financial Planner in Anderson, SC.