by Amber Roberts, Extension educator
Estate planning is an essential component of the transition process. While no family faces the same set of circumstances when planning for the future, there are some basic estate plans that most people follow. In this recording, Extension Educator Dave Bau discusses selling and gifting assets. Selling an asset leads to tax implications that the seller must pay taxes on the difference between the selling price and adjusted basis. Gifting assets can be used to reduce your taxable asset and transfer your tax obligation to the recipient who might be in a lower tax bracket. However, it is important to gift only excess assets so you don't impoverish yourself.
Resources
Tax Issues for Estate Planning: Some of the most costly mistakes in estate planning occur when tax aspects are ignored. Learn about the major income tax provisions to examine as you plan your estate. Learn more about tax issues for estate planning.
Timber Basis for Woodland Owners: There are different methods that can be used to determine your basis. Learn more about determining your timber basis.
Gifting Assets: Gifting assets to others can be a valuable tool in estate planning. Gifts can help you reduce your taxable estate. Learn more about gifting assets and tax implications.
