How to Handle Lifetime Asset Transfers

Winston Churchill said, 'We make a living by what we get, but we make a life by what we give.' There are many reasons why people choose to make gifts during their lifetimes, whether for sentimentality, philanthropy, asset protection, or tax reasons. Whatever the donor's motivation, and especially when the federal transfer tax regime may be subject to significant change, practitioners should assist their clients with structuring their gifts to avoid administrative pitfalls, minimize federal and state tax consequences, and most importantly, align with clients' estate planning goals. This new program analyzes the tax and nontax aspects of lifetime giving, including gifts made outright, gifts to minors, and gifts to irrevocable trusts, as well as the advantages and disadvantages of making inter vivos gifts versus transfers at death.