Consider all the tax consequences before making gifts to loved ones

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple types of[ … ]

Can I Use a Qualified Residence Trust for a Vacation Home?

Yes. Many people with second homes want them to stay in the family but also want to limit estate and gift taxes upon their transfer. One way to achieve this might be to create a qualified personal residence trust (QPRT). How Is the Property Valued? The gift’s value is determined by calculating the home’s present[ … ]