Including Gifting In Your Estate Plan

While gifting to charities gives you the opportunity to practice your core values, you still need a comprehensive plan that maximizes your generosity and ensures you can leave a meaningful gift.

The first step is to define your gifting goals.

Although any amount of money given to a family member, friend, or organization will likely be treasured, you should ask yourself if the recipient truly wants or values the gift. You should also ask if gifting to a person or organization is intended to satisfy your personal goals.

Choosing The Right Organization

When it comes to gifting to a charity, you need to make sure your donation is going to the right organization and will also be used for your intended purpose. Your gifting goals, objectives, and motivations should match the recipient’s best interests.

Not Gifting To Family

If gifting money to a family member is not ideal for you, but you want to include your family in your gifting strategy, then you can use annual gifts, trusts, and other estate planning tools to enact an official process for your strategy.

How Much Can You Gift Without Being Taxed?

You can gift up to $11.58 million to others, or $23.16 million if you are married, while alive, without incurring any federal gift taxes. The amount of gift tax exemption used during your life also decreases your federal estate tax exemption.

You should also know that this amount will revert to $5 million and $10 million for married couples indexed for inflation after 2025, unless renewed.

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