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Lifetime Gifts, Have the Rules Changed Now

Have recent tax law changes changed the need to give gifts to family members to maintain and pass on wealth to family members when you die.

Lifetime gifts, have the rules changed now. Hello, my name is John Pankauski, I’m a probate litigation attorney in downtown West Palm Beach. You know the lawyers in our firm seem to be contacted all the time by family members, many of them out of state as well as personal representatives, trustees and executors about a very common litigation issue here in Florida. When family member or trustees fight over lifetime gifts by a descendant such as mom or dad. Did some one make a valid gift during their life, did they change a bank account. Well, many clients who are wealthy have a gift giving program. They make gifts to family members on a regular basis annually. Has this all changed now? Why do I say that, well because the estate tax has just changed under the newly signed by congress, 2017 Tax Cuts and Jobs Act. That is suppose to be signed by the President before Christmas and it totally changes our Estate Tax and it changes the implications for making gifts during your lifetime. You may or may not want to do more gifting or you may or may not want to create entities like partnerships or LLC’s. For more information about this cutting edge change to your estate tax, make sure you speak to a qualified Florida Estate Planning Attorney.