Loune-Djenia Askew, Esq.
Feb 12, 2024
Leaving assets to your loved ones or your favorite charities can give you a great sense of satisfaction. As you pass on the resources you have built up during your life, you can make life financially easier for others and make a positive difference in the world.
Leaving assets to your loved ones or your favorite charities can give you a great sense of satisfaction. As you pass on the resources you have built up during your life, you can make life financially easier for others and make a positive difference in the world.
Gifting the Inheritance Outright
Gifting an early inheritance outright is one of the simplest ways to transfer ownership of your assets. Early gifting can be particularly rewarding if you have valuables or items that are earmarked for certain family members and you want to see the smiles on their faces when you pass on those meaningful gifts.
Changing the Deed On Your Home
Another option is to change the deed of your home so that your heirs share legal ownership of the property. By creating a joint tenancy deed with rights of survivorship, your home will transfer directly to your heir without going through probate when you pass away.
Paying for Education
If you have a loved one who is attending an eligible education institution, you can pay their tuition and it is not considered a taxable gift. This is known as an education exclusion. Paying your heirs’ education costs can help them avoid student debt and the financial burden of their education.
Paying for Medical Expenses
If your loved ones have medical bills, you can pay for their medical costs and fees. Paying for a loved one’s medical expenses can go a long way in helping them avoid incurring debt they cannot afford to pay and may be a helpful way to give them an advance on their inheritance.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.