A man and his wife are not wealthy, but they make enough to be comfortable and have money left over. They do not wish to spend their extra money on vacations or luxuries. Instead, they have decided to give their extra money to their adult children now.
As a result, their children can use their “inheritance” to meet their current needs or to invest it for their retirements, if they prefer to do that.
This is something that many people would not be interested in doing. On the other hand, anyone interested in doing this, should go about it carefully.
Why?
There are possible gift tax implications that need to be considered.
An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances.
