This time of year, many people are thinking about what kinds of gifts they are going to give their family and friends for the holidays. Some individuals end up deciding to give their loved ones financial gifts.
Such holiday giving could take the form of a simple cash gift. Or it could take other forms, like stock, covering some of a person’s student loan debt or contributing towards a person’s college savings. In addition to there being many types of financial gifts a person could give, the ways such gifts can be given is growing. So, the number of options a person could have when it comes to giving financial gifts for the holidays has gotten quite large.
When it comes to giving financial gifts to loved ones, there are many things it can be important to think about. One is what type of such gift would best achieve the goals they have for the gift. Each type has its own upsides and limitations. A wide range of factors can impact what particular types of financial gifts would best convey the kind of financial benefit a person wants to provide their loved one.
Another thing to consider when it comes to holiday-related financial giving is how best to fit it into one’s overall gifting plan. Why can having an overall gifting plan and keeping one’s gifting consistent with it be helpful? Well, it could help maximize the overall benefits one’s gifting has, including benefits for the giver, like potential estate tax planning benefits.
Skilled estate planning attorneys can assist individuals with developing a gifting plan and with incorporating things like holiday financial gift-giving into it.
Source: abc13, “Give The Gift Of Financial Security For Your Loved Ones This Holiday Season,” Dec. 13, 2016