Outright Gift

[Kathleen Reynolds]

#3959

This case assumes that the client wishes to gift an individual asset directly to a beneficiary during lifetime. A simple gift is made of an asset (or portion of an asset) to one of the estate beneficiaries. It is assumed that the gift will be made in a lump sum prior to death. Gift taxes may result.

Click the Edit button to set the specifications of the Outright Gift:

• The name of the Outright Gift
• To select the asset to use to fund this technique, click the ‘+’ button.
• Verify the amount listed as Principal
• The year in which the transfer takes place
• Enter the number of donees.
• Annual Exclusion Used Enter the annual amount of exclusion used on each donee.  For 2023, the maximum is $17,000.
• Minority Discount Enter the discount.

 

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