What is a gifting program and how does it work?

A gifting program is a tool often used in estate planning law in Delaware to reduce the amount of taxes due when giving away property or assets. Gifting is a way of transferring assets to another person without having to pay a gift tax. Gifting works by transferring ownership of assets or property to someone else. Typically, this is done by making a monetary payment or transferring shares of stock, but it can also be done with tangible property. The amount gifted is not taxed as income, so the recipient does not have to pay taxes on the amount. In addition to reducing taxes, gifting can also be beneficial because it allows you to distribute your assets according to your wishes. You can decide which people and organizations have the right to receive your gifts and in what amounts. You can also set up a gifting program that will enable your heirs to receive whatever gifts you designate. To set up a gifting program, you’ll need to consult an estate planning attorney who is familiar with Delaware gift law. Your attorney will help you plan how to give the asset and prepare all the necessary documents. In some cases, setting up a trust or other legal entity may be necessary. Gifting can be a great way to reduce taxes and transfer assets according to your wishes. If you’re considering a gifting program, make sure to consult with an estate planning attorney before proceeding.

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What is a gifting program and how does it work?

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