Recording lifetime gifts – why bother

Recording lifetime gifts – why bother

Even straightforward gifts should be adequately documented

Key Takeaways

  • Understand the benefits of recording lifetime gifts
  • Understand the responsibilities of the deceased’s personal representatives
  • Know the penalties for inaccurate record keeping

Estate planning can involve many different strategies, some more sophisticated and complicated than others. Perhaps the simplest strategy, for those willing to entertain it, is simply to give assets away. Although this is the easiest way to pass on your wealth, even straightforward gifts should be adequately documented and recorded, to avoid potential problems for your beneficiaries.

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Recording lifetime gifts – why bother?

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