In this episode of the Red Barn Financial Podcast, Sean Moran talks about the unintended consequences of leaving money to loved ones.
When you leave money to someone, you may be leaving them a tax liability that could have been smaller with a bit of planning.
Here are a few things to consider:
- Plan while both spouses are alive
- Consider the tax bracket of the people you are gifting to
- Think about actionable planning to reduce your tax liability over time
- Giving equal amounts to multiple people doesn't always result in them receiving an equal amount.
This chart will help you follow along:
Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919
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