\ Money Talks - Gift Giving
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Money Talks - Gift Giving

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Money Talks - Gift Giving

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Money Talks - Gift Giving
http://chic.clipsyndicate.com/video/playlist/12942/7212342?cpt=8&wpid=2637 Fri, 15 Dec 2017 11:23:02 +0000 Money Talks - Gift Giving Money Talks - Gift Giving http://chic.clipsyndicate.com/video/playlist/12942/7212342?cpt=8&wpid=2637 WVLA week's edition of money talks, i'm fred childers. i'm joined by chad olivier. he's a certified financial planner. thanks for being here chad. thanks fred. it is the gift giving season. you know my mom has given up on trying to figure out what i want for christmas. so a lot of times she just cuts me a check. and i think a lot of our viewers experience that at some point. so the question is...is there a tax incentive to getting a check and is there a limit on how much you can give without being taxed? well fred you can give 14,000 dollars to anyone. but if you give more than 14 thousand dollars a year....you have to file a gift tax return but the person. is it allocated? it's not. your cpa can do it. what you have to understand is when you file a gift tax return all that does is just let the irs know that of the 5.49 million dollars you can give in a lifetime that now they have to take away some of that giving for your lifetime but nobody gets taxed on either end. ok. a lot of times we get this question to us very often. a lot of time people think that you get a gift from say mom and dad say hey if i give you a million dollars that they think they're going to get taxed on it or mom and dad's going to get taxed on it. that's not true. the only thing that happens is you take that million dollars minus the 14 thousand dollars that you can give without the gift tax return...you just got to report it to the irs but nobody gets taxed on it.yeah. i know there has to be a strategy for giving more than that?well what we have with many of our clients especially the business owners is they have a very large estate but maybe not a liquid estate. so the business may be worth a lot of money, they have other assets in their half million dollar range for each husband and wife uh what we do a lot of times is we look at a trust aside and gifting the 14 thousand dollars to the trust, then have the trust buy a life insurance policy on mom and dad and that comes out of the estaet entirely.so that's a strategy and also we look at if you don't wanna by filing that gift tax return we'll have clients that they'll do 14 thousand dollars each so a couple of 28 thousand dollars to save to their son in december then if they want to send them more, then wait til january then send the next amount so they don't have to file that gift tax return.i'll be looking for your check in the mail.ok.alright. that's great information. you bet, fred. appreicate it. thank you. stay with us...we'll be right back. 3

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