I often talk about how my family has shaped me into the man I am today.
One set of grandparents got me started on saving and understanding finances; they purchased mutual funds for me when I was young, and even got me a subscription to Kiplinger’s Personal Finance magazine.
My other grandparents taught me a lot a about being generous and the blessings of giving. They were always eager to help provide for the needs of others – whether it was family, someone in their church or a charity.
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I think many people who have been blessed financially want to give, but they often don’t know how to go about it. And they’re right to be cautious: Some ways are certainly better than others.
With the stress of the holidays behind us, it’s actually a great time to put a gifting plan into action. Don’t rush into it, because it’s easy to make mistakes, and your best intentions can have unfortunate tax – and personal – consequences.
A qualified tax professional can advise you on the best methods for your situation. Here are a few strategies to consider when gifting:
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