The family guide to lifetime gifting

The gift of your good fortune: How do you plan to pass it on?

You’ve achieved success and you want the same for your family—children, grandchildren, spouse, and siblings—maybe even friends. What better way to offer a head start in life than by gifting money?

It’s fulfilling, and can offer a potential side benefit of positively affecting your estate plan. And, as joyous as giving can be, numerous technical, legal, tax, and other implications can muddy the waters. (The good news: there are professionals to help you through it). But, before you start gifting, start planning. Discuss with your spouse or partner what you have, why you want to give, and how much.

Before you give, ask these questions:

• Do my recipients have the same set of needs or interests?
• Do I want my giving to carry on a family tradition or start a new tradition?
• Do I want to feel as if my gifts will supplement my recipients’ lifestyles today?
• Do I want to feel as if I am helping each of my recipients’ financial security for the future?
• Do I want to relinquish some, all, or no control over my assets?
• Am I on track? How do I want to measure against my gifting goals?
• Can I afford to part with the money or assets I’m thinking of gifting?

Legal disclaimer:

This information should not be relied upon by the reader as research or investment advice and is intended for educational purposes only.

Neither SEI nor its affiliates provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor.

SEI Private Wealth Management is an umbrella name for various wealth advisory services provided by SEI Investments Management Corporation (SIMC). SIMC is a subsidiary of SEI.