As the costs of weddings and homes have skyrocketed, many families want to help their children achieve these milestones by offering financial support. However, the growing expense of these gifts has made tax planning for affluent families more complicated than ever.
If you’re even considering a large gift to fund a wedding or help with a down payment or home renovation, it’s important to understand the potential estate and gift tax implications and reporting requirements before you make the gift. Click here to go to the article and find out what you need to know.
Gifting is an excellent way to help your children achieve their dreams while reducing the value of your taxable estate, but it requires thoughtful planning and attention to IRS rules. Filing Form 709 ensures compliance and helps protect your long-term financial strategy.
Take Action Today
If you’re planning a significant financial gift, our team can help you navigate the complexities of the gift tax system. From ensuring proper reporting to developing a strategy that aligns with your goals, we’re here to assist. Contact us today at 610-933-8069 to schedule a consultation and create a gifting plan that works for you.
