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