Frequently I hear from people who want to gift away their assets while they’re alive in order “to save taxes” and “make sure the government doesn’t take it all.” Unfortunately though, many of these people are following coffee shop advice from outdated sources or uninformed friends.
The reality is that the majority of people are better off not making gifts during their lifetime and passing assets to their children upon their death. Why, you ask? It's because of what's known as the "Step Up Basis" vs the "Carryover Basis." I'll give you an example....Read More