From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 177173 Lifetime Gifts: The Joy of Giving Now If you have the financial means, consider giving your children some of their inheritance now. The benefit is twofold. First, you get to see the direct impact of your generosity, whether it is helping a child buy their first home, start a new business, or pay for your grandchildren’s college education. Second, depending on the strategy used, gifting may reduce the amount of estate taxes owed at your death or the amount at risk for long-term care costs. But be cautious when making lifetime gifts. Although the annual exclusion allows tax-free gifts up to a set amount each year, gifts beyond that may require a tax filing. More importantly, any gift made within Medicaid’s five-year lookback period can create periods of ineligibility for long-term care benefits. Always plan ahead before transferring assets. Schedule an appointment today to learn more. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 177173 Lifetime Gifts: The Joy of Giving Now If you have the financial means, consider giving your children some of their inheritance now. The benefit is twofold. First, you get to see the direct impact of your generosity, whether it is helping a child buy their first home, start a new business, or pay for your grandchildren’s college education. Second, depending on the strategy used, gifting may reduce the amount of estate taxes owed at your death or the amount at risk for long-term care costs. But be cautious when making lifetime gifts. Although the annual exclusion allows tax-free gifts up to a set amount each year, gifts beyond that may require a tax filing. More importantly, any gift made within Medicaid’s five-year lookback period can create periods of ineligibility for long-term care benefits. Always plan ahead before transferring assets. Schedule an appointment today to learn more.
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