Lifetime Gifts

Lifetime gifts refer to gifts of property or money that are given to someone during the giver’s lifetime, rather than after their death as part of their estate.

These gifts can be made for a variety of reasons, such as to provide financial support to family members or to minimize estate taxes. Lifetime gifts can also have other advantages, such as allowing the giver to see the impact of their gifts and potentially reduce the size of their taxable estate.

However, lifetime gifts can also have tax implications, depending on the value of the gift and the tax laws in the relevant jurisdiction. In some cases, it may be advisable to consult with a tax professional or attorney before making a significant lifetime gift.