We have all given and received gifts throughout our lives, whether it be for the holidays, birthday, wedding, baptism, or bat mitzvah. Anywhere from $20 to $1,000, these gifts do not require reporting or significant planning. We simply write a check and give it to the recipient. When we consider gifting a large sum of money to someone, the stakes become higher, and we need to consider the impact on our financial security as well as the relationship with the gift recipient.
Often, clients will ask us:
Here are a few considerations as you evaluate your gifting strategy:
Each person’s situation is unique. It is important to work with your team of advisors, including your wealth manager, attorney, and accountant, to make sure that your gifting objectives are being addressed and that your own financial plan has stable footing in light of your gifting goals. If you have questions about gifting, please get in touch.
Modera Wealth Management., LLC is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Georgia, North Carolina and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.
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