Giving Large Gifts? What You Should Know About Taxes
Do you want to leave a legacy for friends, family, or a worthy cause while still being able to watch them enjoy your gift? If so, then you are among the increasing number of Americans who choose to gift money or assets to others during their lifetime rather than as part of their estate. Before you start giving away your money, you’d do well to learn a little about how to avoid an unwelcome tax bill from your generosity.