I recently came across this article by Patricia Annino. She does a good job of covering the pros and cons of gifting a family vacation home or other property. She also gives some good advice about avoiding family stress and conflict during the process and after the endowment.
We have discussed these concepts many times before but it is always nice to present another voice on the subject. It is important to remember that these ideas and the wisdom they include accomplish nothing without action on your part.
The issues surrounding gifting and creating a trust are worth mulling over, but just as important is the planning that goes into creating the trust and the correct timing to maximize its value. You can make good use of this timing given the present generous state of our estate and gift tax law, along with the currently depressed asset values.
Again, whether it's thinking about the funds to put in the trust or the future of the inheritor, there's no time like the present! Call us today and schedule a consultation and estate plan analysis. Remember, good planning is no accident.