Mature couple walking down dirt roadDid you know that within certain limits, you can pass on assets in the form of gifts to others without triggering tax consequences? While this is true, you need to understand the specifics to make sure you follow all the laws properly.

Although the majority of estate planning recommendations focus on what you should do with your property after you pass away, it may make more sense to use tools such as the federal gift tax in order to give assets to your beneficiaries now while you’re still alive.

Currently, any individual can give up to $14,000 to another individual within a calendar year and not have this subject to tax. It is important to realize that you could use this over several different years in order to pass on assets to your beneficiaries without having to worry about some of the challenges associated with traditional estate planning.
It is strongly recommended that you consult directly with an estate planning lawyer who has handled situations like this before so that you can feel confident in his or her decisions. A Pasadena estate planning attorney with experience helping other clients accomplish this goal can assist you when you have philanthropic goals for your estate.

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