This column discusses the importance of keeping an up-to-date estate plan when giving away assets. As tax and estate law continues to change each year clients need to be aware of the impact that current laws have on inter-vivos gifts. Clients should adopt a program for lifetime gifting. One of the considerations that they need to think about is planning for their own financial needs. Another consideration is the age of the donor and the size of the estate. A donor-advised fund (DAF) might be a good way for a client to leave gifts to their loved ones while also establishing a philanthropic legacy. It is extremely important for clients to not procrastinate on these decisions and to speak with a competent estate planning professional as soon as possible.
See Scott Thompson, Lifetime Gift Planning: A New Way to Think About Wealth Transfer, Atlantic Trust Blog, September 30, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
