Latest / Money In Motion with Klaas Financial / Gift Giving in 2023

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Gift Giving in 2023 · Money In Motion with Klaas Financial

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This is Money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. And
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you know, the music meets our phone lines. They are open for you
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right now if you've got questions for our retirement planning professionals from Class Financial love
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to hear from you this morning. Telephone number six oh eight three two one
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thirteen ten that's six oh eight three two one thirteen ten gets you on the
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air with CJ. Closs and Malia Quavis. Of course they come to us
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from Coss Financial. The website class financial dot com that's k LaaS Financial dot
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com. Great website to learn more about Coss Financial. There's separate divisions you
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can learn more about the team at Class Financially. You can also sign up
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at class financial dot com for the weekly Market Pulse newsletter, a great weekly
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email and their telephone number six oh eight four four two five six three seven.
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No charge for that initial get to know you appointment dek and Loss Financial,
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it will be complimentary to you again their number six oh eight four four
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two five six three seven. As mentioned Joe this Week by CJ. Closs
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and Malia Quavis, CJ. How you doing this morning? I'm doing great.
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How are you, Sean, I'm doing really good. Great to talk
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with you CJ and Malia. How was your Thanksgiving? Yeah? It was
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great. How about yours? It's very very good. And I've got a
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lot of great stuff coming up with the holidays as well. We're actually gonna
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talk this week about gift giving and some things you want to consider and think
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about and discuss when it comes to giving gifts this time a year, of
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course, a lot of us are thinking just that. We'll talk with CJ
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and Malia about that and just a moment. As mentioned, phone lines are
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open. Also another cool thing that goes on on the program side from great
1:34
information from CG and Malia as well as taking your calls. Also, we
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do the Class Quiz question week each and every week here on Money in Motion
1:42
with Class Financial and the folks from Class Financially have provided a great prize this
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week again a twenty five dollars gift card to target. Little tip I will
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tell you more about how to win it later on the program, but a
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little tip to you is if you listen closely with the program mostly every single
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time the question and answer come up during the show, so it pays to
1:59
pay close attention for a number of reasons. And before we get to this
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week's conversation about gift giving, let's take a look back at last week's class
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quiz question. We get the question and the answer to that one as well.
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Yes, we're going back just a couple of weeks, so we're gonna
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look. Yeah, our brains are kind of fuzzy still. So a couple
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of weeks ago we had a great conversation though about the potential need for long
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term care in each of our lives and how we're going to actually consider funding
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that potential expense from our portfolio. So a great conversation. Listen, listen
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back from two weeks ago. If you didn't hear it, the question of
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the week was, according to the US Department of Health and Human Services,
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the average sixty five year old today has a seventy percent chance of needing some
2:46
kind of long term care services in the future. So true or false.
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We had a caller, Nikki of Wannakee. Congratulations to her. She correctly
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answered true. So again, listen carefully to today's show and see if you
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can win the prize. Great opportunity again to win a twenty five dour gift
3:02
card to target. Pay close attention to the program phone lines. They're open
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for you right now at six oh eight three two one thirteen ten. That's
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six' soh eight three two one thirteen ten. The website for Class Financial Class
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financial dot com and their office telephone number right here in Madison six'sh eight four
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four two five six three seven. At first, get you know your appointment
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at Class Financial. It's not going to cost you any think it'll be complimentary
3:24
to you. I'll get to do is give them a call six oh eight
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four four two five six three seven. As mentioned, of course, as
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the time of year when we start talking about giving gifts to others, and
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as we think about saving for our retirement, we of course in some cases
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want to help our adult children. What should we kind of know and understand
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about gifting to other folks and other options out there? Yeah, great question.
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We do get this question quite often as parents, you know, want
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to help their children, or grandparents want to help their grandchildren. Now,
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as we start moving towards this topic today, I do want to just quick
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disclaimer we are not a countans and that we don't file your income taxes for
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you. That is not a service we currently offer. But of course,
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given our profession as financial planners, we are quite well trained in this area
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and give a fair amount of kind of feedback and guidance on the topic.
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And of course for our clients that do have their own accountants, we work
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hand in hand with them on these types of issues. So first of all,
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let's define what is considered a gift. The IRS considers any transfer to
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an individual, either directly or indirectly, where full consideration measured in money or
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money's worth is not received in return. The general rule is that any gift
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is a taxable gift. So again, let me put this a little bit
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more in layman's terms. The IRS considers a gift when you give somebody something
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and they don't pay you for it. Right now, little over simplification there,
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But you say, well, what are the different ways that I can
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pay? And so again the full measured in money or money's worth, because
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you could do a bartering where you give you get the idea. Okay,
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So if then the general rule is that any gift is taxable. This is
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often where we will get calls in questions which is like, really, well,
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I just gave my son or daughter five thousand dollars. I guess that
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means they're going to pay tax. Well, the general rule is that any
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gift is taxable, but there's all kinds of exclusions to that rule, especially
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when it comes to individuals. So let's talk about the first one. There's
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something called a gift tax exclusion for federal gift tax purposes, and that gift
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tax exclusion is currently seventeen thousand dollars in twenty twenty three. That means that
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you can give seventeen thousand dollars per person to as many other people as you
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want with no federal gift tax consequences. And if you split that gift with
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your spouse, that total is thirty four thousand dollars per person. So again,
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I think mom and Dad want to give money to their son or daughter,
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and they want to stay within this gift tax exclusion amount. You each
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could give seventeen thousand dollars to your son for thirty four thousand dollars, and
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you each could give seventeen thousand dollars to your daughter for another thirty four thousand
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dollars, or sixty eight thousand total. So again, if you stay under
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the gift tax limit for each gift, you could give away that higher dollar
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amount without any tax repercussions. Now, once those gifts are made, that
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money is removed from your taxable estate. Now note for those who are thinking
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about the future, because we are near the end of the year. Next
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year, the amount will rise to eighteen thousand dollars per individual in twenty twenty
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four, so it's seventeen and twenty twenty three, it'll rise up to eighteen
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thousand, and then in your lifetime in twenty twenty three, there's also this
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thing called a lifetime exclusion amount, and that the max that you can give
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as an individual is twelve point nine two million dollars either during or after life.
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This is what is known as the federal estate tax exemption amount. So
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if you're a couple, that is twenty five point eight four million dollars as
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of twenty twenty three, and you pay no federal or a state gift tax,
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and once you get into twenty twenty four, that number rises to thirteen
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point six one million dollars per person. So think of it in terms of
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two exclusions. Exclusion number one is I can give up to seventeen thousand dollars
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per person to any individual without even having to file any specific paperwork to do
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so, and it doesn't use up any lifetime exemption once I go over that
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amount. Now I have a lifetime maximum that is twelve point nine to two
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million dollars per person, and again that won't be a taxable gift or a
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taxable receipt for the person receiving it unless I go over that amount. So
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remember I told you at the beginning of the section. The general rule is
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that any gift is tex axible, except there's these massive exceptions, and so
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in most circumstances, people who are given to children or grandchildren, they're not
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going to be paying any tax, or the receiver won't be paying any tax
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either. Talking this morning with CJ, Colss em Elia Quavis, our retirement
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planning professionals from Class Financial love to have you join us this morning. If
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you've got a question for Malia and CJ, now is the time to give
8:20
us a call. Six oh eight three two one thirteen ten. That's six
8:24
oh eight three two one thirteen ten. Gets you right on the air with
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your question. Of course, you can learn more about Class Financial their website
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cossfinancial dot com. That's k l a A S Financial dot com. Telephe
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number six oh eight four four two five six three seven. No charge for
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the initial get to know you appointment tech Class Financial, It will be complimentary
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to you again their number six oh eight four four two five six three seven
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and CJ. I think about that. You know that that that twelve point
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nine two million dollars lifetime and like, oh, that's h that's a good
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good thing to know about. But there are going to be changes to some
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of the these numbers, aren't there. There are So, in a kind
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of a word to the wise or an alert, the federal estate tax and
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gift tax exemption is scheduled to be cut down almost in half to somewhere between
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six point eight to seven million dollars in twenty twenty six. So something called
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the Tax Cuts and Jobs Act that was passed in twenty seventeen. At that
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time it nearly doubled the lifetime estate and gift tax exemption, but that is
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scheduled to sunset at the end of twenty twenty five, and so when we
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go into twenty twenty six, that new exemption amount will be somewhere between that
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six point eight to seven million dollars. Now, again, if we take
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six let's just call it seven million dollars as an exemption in twenty twenty six,
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that is much less than what it is today. But if you multiply
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that by a couple you're still you're still saying about fourteen million dollars could be
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passed to others. Now, again, that exemption amount is during life or
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after life, assuming you're not using the gift tax exclusion, because that exclusion
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doesn't count towards this seven million dollars total. It's only once you go over
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that exclusion amount of about seventeen thy twenty twenty three, that's when you start
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having to use up that lifetime exemption amount. Now, again we're literally on
10:20
the air here trying to explain these things. It's pretty complex. If you
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have any questions, talk to your account and talk to your financial advisor.
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It's sometimes easier to see it kind of written on a board and it simplifies
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all of this. But it is important to note if you are dealing with
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a larger estate of over call it fifteen to twenty million dollars, you might
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want to pause and actually say, WHOA, I might have a federal estate
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tax issue when we sunset these these tax cuts and Jobs Acts in twenty twenty
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six, So you might want to meet with an advisor to talk about what
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you can do to change that up. Other things we need to know CJ.
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Yeah, so a couple of other things. Of course, once we
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start talking about gifting and people realize, oh, okay, I've got this
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exclusion, I've got you know, thirteen million dollars I can give away during
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my life, the next natural question becomes is do I get like a tax
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benefit when I give to my children? And so No, the answer is
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no. We've talked a lot about this on this show. Your children are
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not charities, as much as they feel like they are. I have three
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of them. No, the irs doesn't deem them as charities. And making
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a gift or leaving your estate to your errors does not ordinarily affect your income
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tax. It just means that ultimately they may not pay, you know,
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a tax upon receipt if it stays under those levels. Now, I will
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say this, we talked about that exemption amount. If you go over that
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exemption amount of seventeen thousand this year eighteen thousand next year to any one individual,
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then you do have to file a form called seven oh nine. And
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that form seven oh nine just is basically think of it as that certificate almost
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in your back pocket that says, hey, I can give away thirteen million
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during my lifetime, but I went over the annual exemption amount. So who's
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keeping in track of this? And the answer is good old Form seven on
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nine And the IRS says, got to fill that out to indicate that you
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went over that amount. And so just word do the wise. If you're
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gonna give more than seventeen thousand or eighteen thousand come next year to any individual,
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work with your accountant and financial planner, because the IRS will eventually become
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aware of this if you don't do it the right way, and it becomes
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a lot more time consuming if they find out at the end of your life.
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I do know that the IRS is generally just super cool with stuff like
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that. Yeah, you know, not so much, not so much.
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Have you tested that, Sean, No, I don't want to ever Talking
12:39
this morning with CJ. Closs and Lea Quavis our retirement plenty professionals from class
12:43
financial always have way too much fun on this show. You can learn more
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about Class Financial online class financial dot com that's Class k l aas financial dot
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com and their telephone number six o eight four four two five six three seven.
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No charge for that initial get to know your appointment at Class Financial.
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It will be complimentary to you again their number six oh eight four four two
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five six three seven. Phone lines are open for you as well. If
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you've got a question, love to have you join us six oh eight three
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two one thirteen ten. That's six oh eight three two one thirteen ten.
13:13
A gift tax? What does it? Do you have to pay it?
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We'll find out the details from CJ in Milia and take your call next as
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Money in Motion with Coss Financial continues here on thirteen ten wiv A. This
13:28
is Money in Motion with Class Financial, a fun and informative show designed to
13:33
help you get answers to all your retirement questions in one place. Phone lines
13:37
are open for you right now six oh eight three two one thirteen ten.
13:39
That's six soh eight three two one thirteen ten. Gets you on the air
13:43
with our retirement planning professionals from Class Financial, CJ, COSS and Malia quavistone
13:48
free. You can learn more about class Financial their website classifinancial dot com.
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That's k l aa S financial dot com. Telphon number six oh eight four
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four two five six three seven. No charge for that initial gets know you
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appointment tech Financial. It will be complimentary to you. Again. They're number
14:01
six O eight four four two five six three seven. Of course, wrapping
14:05
up the year already, tomorrow is already December first, Holy moly, I
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didn't even realize that. So with of course the year end, a lot
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of folks thinking about gifting and things you need to know and uh, Malia,
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I've got to ask, if give somebody money, will I have to
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pay a gift tax? Well, hopefully CJ repeated it enough for you to
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realize you might not have to, and so you can remember CJ and I
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on your list when you're giving out that list. Okay, so it's a
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great question. So likely, based on what we just heard from CJ,
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likely there will not be a gift tax for you to pay if you stay
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within those limits. And however, if there would be, generally speaking,
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the donor would be responsible for paying that gift tax. So we're going to
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talk about what can be excluded from gifts because there's always got to be exclusions.
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The general rule is that any gift is a taxable gift. However,
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there are many exceptions. As always and generally, the following gifts are considered
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are not considered taxable. So number one, gifts that are not more than
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the annual exclusion for the calendar year. What's that answer? Sean not more
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than the annual seventeen thousands per individual? Okay, very good, Yes he
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doesn't qualify, Yeah, very good. Secondly, tuition or medical expenses you
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pay for someone. A lot of people don't know this, so there's educational
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and medical exclusions we'll discuss as shortly. Third one is gifts to your spouse
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if they are a US citizen. So if they're US citizen, there's an
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there's no exclusion. You can give as much as you want, but spouses
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who are not US citizens can receive gifts up to one hundred and seventy five
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thousand dollars in twenty twenty three, So if your spouse is not a US
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citizen, you can give them a gift up to one hundred and seventy five
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thousand dollars without any gift tax, without needing to report the gift. Even
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the next one is gifts to a political organization for its use that is not
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that's not considered a gift. And as CG mentioned, gifts to your children
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are not tax deductible. So that's these are your repeated things. We want
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to make sure that you're really got entrenched in your head right now, really
16:21
important stuff to have there. And of course we talk with CJ and Malia.
16:25
If you ever miss any part of the program, you could always listen
16:26
backclass financial dot com. That's k l a A s Financial dot com.
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Great website and great resource to learn more about Class Financial, as well as
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listen back podcast and subscribe all online Class Financial dot Com. Tell forh number
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six so eight four four two five six three seven, no charge for financial.
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Get to know your appointment tech Class Financial. It will be complimentary to
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you again the number six oh eight four four two five six three seven.
16:49
What are some of the benefits of gifting, then, Malia, when it
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comes to gifting to family or other folks, well, you know we're gonna
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start with the first one. I just had references education and medical expenses.
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Is really a nice way to help someone with regards to you know, we
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see medical debt. You get one medical bill, you're like, oh my
17:11
goodness, and this can really submarine people. So one exception that I had
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mentioned to the seventeen thousand dollars annual gifting limit is that you can actually give
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an unlimited amount to your children for medical expenses. So literally, you could
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you pay the institution directly. That's the first thing to the medical provider or
17:30
the educational institution if you want to help with tuition. So we really feel
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like, you know what, that is a wonderful way to help people get
17:38
back on their feet when it comes to the medical expenses they might have endured,
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or to help with tuition, which you know they're going to be very
17:48
thankful for. And then we would also say you might want to look at
17:52
adding money to their retirement accounts. These could be for grandchildren. You could
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offer to make contributions to retirement accounts as soon as they start earning income.
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So for example, your grandson's working at a local supermarket and you decide,
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you know what, this year, I'm going to go ahead and give money
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into maybe help them start up a WROTH account. And you are able to
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give money and put it into that Wroth account up to the limit of the
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earnings. This year it's maxis sixty five hundred and twenty twenty three. In
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twenty twenty four that goes up to seven thousand. So let's say they make
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a couple thousand dollars use the grandparent or parent could actually contribute money and you're
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not going to get a write off, nothing like that. But it's a
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nice gift. It's truly a nice gift to help them plan for their future
18:41
retirement. And the last thing I would say is, you know, create
18:45
a gifting strategy. This is a conversation we have with our clients at a
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certain point when we know as advisors they have more than they're ever going to
18:55
spend in their lifetime. And that's where we talk about, you know what,
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if you're going to leave money to your loved ones, sometimes they could
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possibly use it way sooner than they would receive it if you wait till you
19:08
have passed away. So, for example, if you end up living into
19:12
your nineties, your children are probably in their late sixties or early seventies and
19:18
when they might receive any inheritance. So we would say, you know what,
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maybe earlier, you know, fifteen years prior to being you know,
19:27
in your nineties, you really look at maybe I could give an amount every
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year or on special birthdays or something like that to help my children who may
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have college aged children or whatever, because that money then will mean more to
19:41
them than later on. Those are really the crushing years. Sean hasn't hit
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those years yet with his children. I'm sure, no, no, they
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will come. Trust me. You've got a great conversation going with Malia and
19:56
CJ. If you missed any part of the show, don't forget it.
20:00
Always listen back at klausfinancial dot com. So much great information there, not
20:03
just links to the podcast, but also get to know the team at Coss
20:07
Financials. Sent up for the weekly market false newsletter and subscribe online to the
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podcast at clausfinancial dot com. That's Coss k l Aas Financial dot com.
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Telphone number six oh eight four four two five six three seven. No charge
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for that initial gets no you appointment at Loss Financial. It will be complementary
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to you again their number six O eight four four two five six three seven.
20:26
Got a great email. We're going to check in with the Money in
20:29
Motion listener question corner. We'll do our Closs Quiz question the week, we'll
20:32
also talk trusts. We'll do all of that next as Money in Motion with
20:36
Coss Financial continues right here on thirteen ten wiv A. This is Money in
20:45
Motion with Class Financial, a fun and informative show designed to help you get
20:48
answers to all your retirement questions in one place. Talking this morning with our
20:53
retirement final professionals from Class Financial CJ. Claus and Malia Quavis. The website
20:59
coss Financial dot com. That's k l Aasfinancial dot com. Great website and
21:03
great resource to learn more about Class Financial again, the website Class Financial dot
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Com. Telephone number six so eight four four two five six three seven.
21:11
Of course, that is Class financials right office right here in Madison. No
21:15
charge for the initial gets to new you appointment ach Class Financial. It will
21:18
be complimentary to you again. They're number six oh eight four four two five
21:22
six three seven. Talking this week, of course, as we're winding down
21:25
the year about gifts. In one of those areas that I think folks wonder
21:27
about is using a trust as a gift. What do we need to know
21:30
there? CJ. Yeah, this is another whole area to look at as
21:34
it relates to gifts. I do want to emphasize or reemphasize what Malia just
21:38
mentioned there, which is we often see people who will have large estates and
21:44
they'll say, hey, I want to do a lot of planning for when
21:45
I pass and who the money goes to and take care of my children and
21:48
maybe some grandchildren. And that is good. We support that. We work
21:52
with lawyers and clients to set that up. But I think what Malia mentioned
21:56
there is important, which is this idea of well, you might want to
22:00
consider a during life gift strategy, partly because you'll get to see them enjoy
22:04
it. You won't be in the grave at that point, which is much
22:08
more satisfying than just leaving it all to the end. Not to mention that
22:12
by the time your children get that money, they're often in their seventies.
22:15
And by the way, we work with these people when they receive the million
22:18
dollar inheritance, and I can tell you, if you're seventy years old getting
22:22
a million dollar inheritance, you go, oh, interesting, Right, that's
22:27
about the level of excitement that comes out of it because you're through all the
22:32
grind right. And now I know for some of you listening right now,
22:34
you might say I would be excited if I got something at seventy, But
22:40
again, on average, the amount that you could use that money when you're
22:44
in your forties, fifties, sixties for helping your own children is very different
22:48
than after life. So now with all that being said, there is the
22:52
ability to use trust for giving as well. So I know we're running out
22:56
of time, I'm just going to hit this at a high level. One
23:00
way to utilize trusts is to use what are called irrevocable trusts. To gift
23:03
money into these irrevocable trusts to get the money out of your estate. Might
23:08
say, why would I do this? Well, so that the future appreciation
23:12
of those assets doesn't remain in your estate, so that upon death it's maybe
23:18
much larger than when you gifted it in there, and it's not counted towards
23:22
that lifetime exemption amount. So we're kind of getting into two wealthier people higher
23:26
level of state issues. Where you get money out of your estate. Now
23:30
you do have to claim that as a gift into that trust and it possibly
23:36
use up part of your lifetime exemption, but now all the future appreciation is
23:38
out of your estate. There's also things that are called split interest trusts.
23:42
There are cruts and crafts, charitable remainder unit trust, charitable lead trust,
23:48
grant or retained annuity trusts. These are ways to again get money out of
23:52
your estate but still have some income potentially coming back to you, because that
23:56
is one of the issues. Well, gosh, fight do this irrevocable trust
23:59
gift and the appreciations out of my estate? But what if I need it
24:03
for income? Well, there's split interest trusts. Again, I'm sure lawyers
24:07
are listening to me right now, going WHOA, that's a big topic.
24:10
That is a big topic. We're just dipping our toe into these topics.
24:14
You would want to really work with your lawyer or financial advisor to move towards
24:18
these and then two others quickly. We already talked about giving outright gifts to
24:23
the children, but one other that we'll see is using what are called donor
24:26
advice funds. So again this is now we're into charitable giving. Right.
24:32
So when we go into charitable giving, you do tend to get a tax
24:34
benefit on your income tax return in the year in which you give that gift.
24:38
But sometimes there's this concept of doing tax bunching where you want to give
24:42
a large donation in a year to get way above the standard deduction, and
24:47
one great way to make that happen is to use a donor advice fund.
24:51
So again dipping our toe in these topics. If any of these have kind
24:55
of peaked your interests, talked to your advisor because they are complex, but
25:00
as I say complex, we have clients that literally use every single one of
25:04
the strategies we just mentioned there, so one of them could be a fit
25:07
for you. Some great benefits to starting that conversation. And of course,
25:11
if as CJ mentioned, thanks peak your interest this week and you maybe want
25:15
to listen back, or maybe you want to share the podcast with your friends
25:18
and family, get that information out there. You can always head on over
25:21
to classfinancial dot com. That's klaas financial dot com. Listen to this in
25:26
previous shows podcast. You can also subscribe right there at classfinancial dot com.
25:30
There telephone number six oh eight four four two five six three seven. No
25:33
charge for the financial get to know you appointment tech Class Financial. It will
25:37
be complimentary to you again the number six oh eight four four two five six
25:41
three seven. Want to hold on to that telephone number because it's time now
25:44
for the coss quiz question of the week. It works like this, just
25:47
a moment to ask you the class quiz question a week. You will then
25:48
have thirty minutes from today's program to call the Class Financial Office right here in
25:52
Madison at six oh eight four four two five six three seven. First call
25:56
correct answer, win that twenty five dollars gift cards two target. This week's
26:00
Closs Quiz question the week is this in twenty twenty three, how much can
26:06
you gift to another person to stay within the annual federal gift tax exclusion?
26:11
Is it fourteen thousand dollars or seventeen thousand dollars per person? Telephone number six
26:18
oh eight four four two five six three seven. First call correct answer,
26:22
We'll win this week's prize. And again that's Class Financials Office right here in
26:25
Madison. No charge for the initial gets to know you appoyment tech loss.
26:27
It will be complimentary to you. Again. They're number six oh eight four
26:30
four two five six three seven. C. J. Malia, It's always
26:33
great chatting with you guys. You enjoy this beautiful day. Thanks you Sewan.
26:37
You guys. News comes your way next here on thirteen ten, Wuiba,
26:45
This is Money in Motion with Coss Financial Asset Advisors LLC a registered investment
26:52
advisor registered with the SEC. The content of this show is for informational purposes
26:57
only and should not be conceived tered individual investment advice. Class Financial does not
27:03
offer tax or legal advice. Any opinion offered during the course of this show
27:07
is the opinion of that particular investment advisor representative, and not necessarily the opinion
27:12
of Closs Financial