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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Nov 30 12

    Newport Beach Families are Giving Gifts: Big, Small …Or Not at All

    Newport Beach Law Firm

    is talking about the importance of making big gifts in 2012, but the critical
    question for many, is how much can you realistically afford to gift without
    jeopardizing your own financial security?

    Gifts in Woman's HandHow much can you afford to gift
    now, with a possible resurgence of the gift tax lurking next year? As you may
    know, current law allows you gift the fairly huge sum of $5 million (more than
    $10 million for a married couple) without triggering a gift tax. That law is
    expiring at year’s end, and it’s anyone’s guess what happens next. It certainly
    is possible that next year’s tax climate will be much less generous.

    So, from a tax planning
    standpoint, there may never be a better time for you to make a large gift. But,
    you know that life is about more than tax planning. The real question you need
    to answer, if you are inclined to make substantial gifts, is whether – and how
    much – you can afford to give. Wealth
    Strategies Journal
    recently published an article, “How Much Can You Gift,” to help you
    through the decision process.

    Some things to consider:

    • Your personal goals, especially for retirement.
      Will they still be adequate after your generous gift?
    • Your age and health. Do you have many more
      income-producing years ahead, or is it possible you may need more money to
      provide for yourself and your spouse, especially if there are health issues to

    Remember, you should not gift
    away – in any form – assets that are essential for your own financial needs.
    You can gift away assets to your children (or trusts for them) that you will
    never need. And, there are estate planning tools that can help you make gifts
    that you may need, with “just in case” access if you do.

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate planning

    Reference: Wealth Strategies
    (November 8, 2012) “How Much Can You Gift

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