Gift Planning Tips and Techniques

Law Made Easy Press www.laweasy.com Charitable Giving Video - Simon Says: Manage Your Money Gift Planning Tips and Techniques Embedded File Martin M. Shenkman, P.C. Law Offices of Martin M. Shenkman, P.C. 4 Forest Avenue Paramus, New Jersey 07652

Gift Planning Tips and Techniques

Charitable giving is an important part of your estate.  Making gifts of property or assets can ensure longevity or reduce costs to having your estate in existence.  By making the choice to give gifts or charitable donations now, they can be of great benefit in the future.  Here are some tips on charitable giving:

• Making gifts under your estate can be beneficial to helping a child in need.- Perhaps a family member who you know will need it in the future.
• You can make gifts for reasons such as your involvement in a legal proceeding or a suit filed against you.-  This will ensure safety from legal proceedings.
• You can also make gifts to reduce the size of your estate to avoid tax.-  You can only give a certain amount of your estate away in gifts.
• Gifting can be done in reference to your life expectancy.-  Knowing you are going to live for a few more years can be a reason for giving gifts.
• When planning gifts, understand the person receiving the gift gets cost benefit.
• Make sure to leverage the value of the gifts you make.
• Hold money for your child in a trust.-  This ensures that the money will be existent for a long time.-  Giving them unlimited access to the funds can in turn have a negative affect because they are not use to having such funds at their disposal.
• If establishing a trust, have a trustee for that trust.
• Make sure you have a flexible power of attorney over your estate.-  They can ensure safety for your estate.

The above is a summary of a TV show episode on Piscataway Community Television Network in Edison, New Jersey with guest Martin M. Shenkman, Esq., an estate planner in Paramus, New Jersey. Listen to the video clip of this segment on www.laweasy.com for more financial tips. Disclaimer: Law Made Easy Press® provides practical and legal, tax, estate and financial information for educational purposes only. The goal is to help you best work with your professionals to save costs, and to obtain better service and results as an informed consumer. There is no assurance that the laws or sample documents are current, that the forms will achieve the desired goal in all circumstances. Laws change frequently and vary from location. Therefore, you should always consult with a local attorney, accountant, or other expert.