Lifetime gifts can have many benefits in the estate planning context, and a few drawbacks. Benefits include that the donor is shrinking the size of their estate so as to reduce the estate tax burden upon their death. Also, making a lifetime gift transfers not only the current value of the gift, but any future appreciation too, meaning that the donor’s estate grows at a slower rate and further limits the size of their taxable estate upon their death. Further, lifetime gifts allow the donor to see the benefits of their generosity, whether that be to an individual or a charitable organization.
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