Latest / The Red Wagon Estate Planning & Elder Law Show
Know the Risks of Gifting Money, Unwrap Peace of Mind Instead
With the holidays upon us, you might be tempted to gift large sums of money to your children. But Jeff warns against this seemingly generous practice because gifting money and/or assets carries real and potential risks, including loss of control, severe tax implications, and inability to pay for long-term care.
Jeff recommends a more thoughtful and lasting gesture—give peace of mind. Do the things that will serve your children best in the long run. Make sure that your affairs are in order. Have your powers of attorney in place. Pre-plan your funeral. Set up a trust to ensure your money and…
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