At times, a decision is made to make a substantial gift while you are still living. There are many reasons to take this approach –
1) People are living longer and your children might well be senior citizens themselves before they inherit from your estate.
2) There are financial pressures on younger generations and there is a sense that the inheritance might be useful – “sooner rather than later”
3) You have determined that you have adequate funds to take care of yourself into the future
4) You are considering a trust/gift that aids and encourages specific achievements – for example funds for a child’s college education or establishing a trust for a grandchild
5) You consider loans for a specific use – for example aiding your child to purchase or upgrade a home; or money for an adult child to take educational courses to improve their job skills
6) You consider periodic gifting now from a trust – rather than a ‘lump sum’ inheritance upon your death.
A review of your Estate Planning goals and adjusting them as you age and as your adult children age – are good reasons to consider when is the best time to make a gift.
So, at this holiday season and approaching the end of the year, now might be a good time to review your ‘gift giving’ plans for the longer perspective.
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