Tax Cuts Affect Inheritance Decisions
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Inheritance PlanInvestor's Business Daily
•Business
Business & Economics
Here's a checklist of things to consider before giving away a chunk of your wealth to your kids, grandkids or other heirs
71% Informative
Donald Trump's 2017 tax cuts, which are wealth-transfer friendly, expire at year-end .
So, is now the time to give your heirs their inheritance? Take advantage of the $13.99 million lifetime estate tax exemption.
Don't part with a penny until you know the tax impact of giving money away.
If you gift assets after your death, your heirs benefit from a preferential tax treatment.
There is no step-up in basis if assets are given away while the owner of an estate is still alive.
Most personal finance pros recommend that any inheritance you give during your lifetime should be placed in an irrevocable trust.
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