What is a gifting program and how does it work?

A gifting program is a type of estate planning law that allows individuals to give away a certain amount of their assets to their heirs while still being able to preserve their wealth. In Utah, the maximum amount that can be gifted is limited to $15,000 per recipient and $11.58 million annually. This means that individuals can give away up to $15,000 of their assets per year to their heirs, such as children or grandchildren, without the money counting towards their estate taxes. The gift tax does apply to gifts of more than $15,000 per recipient, so it’s important to consider the potential tax implications when gifting more than the allowed limit. Gifting can also be a great way to pass on assets without having to go through the process of transferring title to the asset. Gifting can be done through a variety of methods, such as writing checks, transferring funds, or through the use of a trust. The use of trusts can be a great way to ensure that your assets are passed on to the correct heirs and are not mismanaged or taken away by creditors. Overall, gifting is an important aspect of an estate plan in Utah and can be a great way to pass on assets to your heirs while still preserving your wealth. It’s important to consider the gift tax implications when gifting large sums of money, as well as the use of trusts to ensure the proper management of assets.

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What is a gifting program and how does it work?

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