Everything you need to know about a planned giving plan and the IRS:

Timestamps

1:00 Merrell explains why she generally advises against her clients gifting large amounts

1:25 Krystal discusses a client who wants to gift the proceeds from a house sale to her children, and whether or not she’d be better off paying off their mortgages or making smaller gifts over the years to fall under the reporting requirements

2:06 Tax reporting, and IRS form 709

3:05 Gift tax rules, what has to be reported and what doesn’t

4:25 Gifts that don’t count toward the gift tax limit (tuition, medical expenses directly to the provider, charitable giving, etc.)

5:50 Splitting gifts with a spouse

6:45 What about gifting portions of a Family Limited Partnership?

10:00 Gifting a house – now or after you get on the bus?

12:00 Summarizing – conversations that need to be had about reporting, basis, and getting a professional to help fill out a 709

 

 

 

Thinking about gifting DNA testing for fun this holiday season? What if you find new relatives – or if they find you?
How does that impact your estate plan?
How can you take ownership of, and control, your test results?

Timestamps

:30 A story about an entire family doing 23andMe DNA testing

1:35 How does it affect your estate plan if you have a relative out there you were unaware of? How can you take control of your DNA test results?

2:15 Would you want to include new relatives in your estate plan? Is it on your radar if you’re planning on taking one of these tests?

3:00 Legally, are unknown, biological children heirs under state law? Generally, heirs at law are your biological child, not adopted out. Or, someone you have adopted, who isn’t your biological child.

3:45 What if your client doesn’t know they have a child – how can they be legally adopted out? Family attorneys, private investigators are helpful for that question. A good estate plan is more helpful.

4:40 State intestacy laws and other children popping out of the woodwork

5:25 Law enforcement using DNA test results to find criminals through relatives

6:00 What do you do if you find out your dad is not your dad? (Michael Jackson as an example) A child born of a marriage is considered to be a child of both parents, and an heir at law, even if not biological.

7:10 DNA testing and multi-generational asset protection trusts – “I’m an heir at law!”

8:08 Who get the information about your DNA when you die? DNA tests as a digital asset

9:55 Concluding thoughts – if you’re planning on gifting DNA testing for the holidays, you may want to revise your estate plan…just in case.