Elder Law Lawyers Avoid Gifting Mistakes | Elder Law | Amsberry Law Firm

After you are gone, you want your loved ones and children, to be able to use and enjoy the assets you leave behind. Moreover, gifting assets is not as straightforward as you may think, and you have to be strategic when leaving money, property. 

You can avoid these gifting mistakes by hiring an Elder Law lawyer. Through this blog, you will read about common gifting mistakes.

Elder Law

You give too much

You may want to give them before your death if you are eager to pass on assets to your children. You need to have enough money to live comfortably, while sometimes this makes sense, especially after retirement. 

Will you be able to handle future medical costs, assisted living costs, and other unforeseen expenses if you don’t have new income being generated? While still leaving enough that you will be comfortable as well consider you’re gifting options to help your children while you are still alive.

 

You leave assets to a minor child

If your properties, such as life insurance policies or property, are directly moved to your minor children, the money will transfer to them when they turn 18, regularly in full. This is a large concern for a young adult, and many studies show that inheritance is spent within 18 months of getting it. You need an inheritance to go towards your child’s education and other essential expenses, and not just be spent on fleeting things that they will guilt. 

Elder Law Lawyers

You have to think about the potential bad spending habits of your children, future divorces, or future creditors. There are effective techniques to structure your gifting so that you keep your children from making sudden decisions with the money you want to leave them.

 

You Don’t Know About the Gift Tai

It can be subject to the federal gift tax if you give them too much during your lifetime. Your children could end up paying tax on it, and this includes gifting property if you give more than $14,000 annually to them. 

It is the value of the assets that you transfer that will count headed for the value. There are methods to gift money and assets to your children to avoid paying gift taxes, and meeting with a trusted estate planner is important to making the right decisions. 

 

You Don’t Have an Estate Plan

When gifting money to your children or loved ones is to have no estate plan at all is possibly the biggest mistake you can make. But if you do no scheduling you will end up letting someone else decide how to assign your assets. 

Best San Antonio Elder Law Lawyers

Your family members might have to go through probate to have access to assets, and this can be a time overwhelming and expensive process. If you have someone who is not a family member that you would like to gift money to your assets may not be distributed how you want and to who you want.

 

Wrapping up

This is all about how an Elder Law attorney helps to avoid gifting mistakes. Hopefully, the information shared through this post regarding gifting mistakes made will be more beneficial for you according to your search. Feel free to contact us in the comment box if you want to know more about this post. Thanks!