Gifts

Gifts can be a method of asset preservation when you are in a crisis and sometimes can be advisable for estate tax planning. However, there are many disadvantages to making gifts, which should be carefully reviewed:

• Transferring assets can create feelings of discomfort and loss of control for the parents
• Gift tax consequences of transfers
• Transfers can increase the children’s income tax liability
• Transfer of family home could have tax consequences
• Transferring assets could affect grandchildren’s financial aid for college
• Child could become involved in a divorce, file for bankruptcy, be sued, or predecease a parent
• Child could become ill and need long-term care

Call Today For Legal Assistance

Transferring assets to another person can be appropriate short-range emergency planning under certain circumstances. The Koldin Law Center, P.C., is available to review the advisability of making gifts as compared to other asset preservation options based on your situation.

For legal counsel, contact our firm online or call our East Syracuse office at 315-314-3205 .