Making Cents: Is it best to make gifts now or transfer property at death

Naturally, this answer is going to be different for everyone, so let me talk about the common mistakes and pitfalls of either bequeathing property at death or gifting while you are alive. Starting with transfers during your lifetime, one of the biggest issues that we see often surrounds the ultimate income tax consequences with lifetime gifts. Often these gifts are real estate or some other asset that is deemed valuable and appreciating. The income tax issue begins with the basis, or tax cost of the asset in the hands of the donor. The gift recipient, called the done...
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