This article from 2013 discusses some of the benefits that are associated with gift-giving. There are “annual exclusion” gifts that people can make to an unlimited number of recipients so long as they do not exceed the threshold which was $14,000 per individual and $28,000 per couple in 2013 and 2014. This article discusses the many different forms that these gifts can take. It is also important for people to not overlook how charitable giving can benefit their estate. One of the major benefits of charitable giving are the tax deductions that people can obtain. Like with gift giving, charitable contributions can take many forms and it is important for people to understand the rules and regulations for any tax deductions they try to obtain.
See John Christianson, End of Year Gift Giving and Estate Planning, Gevurtz Menashe Attorneys At Law, December 10, 2013.
Special thanks to Ryan Anderson for bringing this article to my attention.
