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If I Give Someone a Significant Gift, Do They Pay Taxes on it?

March 16, 2021

You Can Minimize Your Tax Liabilities by Gifting Money.

We suggest creating a financial plan BEFORE you begin giving away your assets because you need to determine how much of your assets you'll need in retirement first. Expenses like healthcare and long-term care can destroy all of the eggs in your basket if unplanned for.

The average person does not have to pay taxes on the gifts they receive, BUT they may need to file a gift tax return.  Watch the video to learn when you should file this return and how gift taxes work.

Gifts can be a great way for you to minimize tax liabilities. Will this strategy fit in with your overall financial picture? Schedule a 15-Minute call with our team to find out.

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Nelson Elder Care Law, LLC is not affiliated with Avantax Wealth ManagementSM