There are many different ways that you can pass on assets to others both while you are alive as well as once you pass away. It is strongly recommended that you consult with an experienced attorney who has a great deal of knowledge about the estate planning process so that you approach this appropriately.

estate planning

Outside of putting together a trust in order to control the flow of assets from your estate, there are several different things that you can do in order to transfer assets to friends, family members or charitable causes without dealing with taxes. These include:

  • Paying for medical expenses or tuition as long as you are making the payments directly to the educational institution or medical provider because this allows you to transfer an unlimited amount.
  • Give an unlimited amount to your spouse if he or she is a U.S. citizen.
  • Take advantage of the annual gift tax exclusion by giving any number of individuals up to $14,000 per year.
  • Contribute to a section 529 pre-college savings plan or a pre-paid tuition plan.

Remember that there are many different ways to accomplish your goals, but that doing them properly can help avoid a great deal of problems down the road. Contact an experienced estate planning lawyer to learn more.

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