HOW TO SHARE YOUR WEALTH DURING YOUR LIFETIME. (cover story)

CHARITABLE giving; INHERITANCE & transfer tax; ASSETS (Accounting); INCOME; PERSONAL finance; INDIVIDUAL retirement accounts; RETIREMENT planning; STUDENT loans

This article explores the topic of sharing wealth during one's lifetime, specifically focusing on baby boomers who are expected to transfer a significant amount of wealth to their Gen X and millennial children. It highlights the advantages of giving while still alive, such as witnessing the impact of the support and ensuring responsible use of the funds. The article also provides insights into estate planning, including strategies for giving to family members and charities, as well as tax-efficient methods to maximize gifts. Additionally, it offers information on various charitable giving strategies, such as selling securities immediately after receiving them as a gift to avoid capital gains taxes. The document also discusses options like qualified charitable distributions, donor-advised funds, and charitable gift annuities. It concludes by mentioning charitable remainder trusts as an alternative for generating income and supporting charitable causes. [Extracted from the article]

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