WILLS TRUSTS AND ESTATES

Gifting

Winnipeg Estate Planning Lawyer

Gifting can be beneficial to both the recipient and the donor.  With the help of a Winnipeg estate planning attorney to see that the gifting is transacted correctly, tax benefits can result.  Estate planning can include gifts made during one's lifetime, as well as gifts provided for upon one's death. When planning your estate with the help of the Assiniboia Law Office, the subject of gifting will be reviewed.  The benefit of such to your estate can be established and you can select charities or individuals on whom you wish to bestow a gift.  We will look into the specifics involved and determine the best option.  We may also suggest certain gifts if they achieve the same objective you have mentioned elsewhere yet are more beneficial if addressed in this fashion.

Points to Consider in Gifting

There are many points to consider in choosing to make a gift and administering the transaction.  Primary amongst these is the question of whether or not the beneficiary is capable of receiving the gift.  A review of any legal restrictions is required, as well as the personal circumstances of the beneficiary.  For example, if an individual is bankrupt the gift may go straight to creditors and will not benefit your loved ones at all. Whatever the situation, we will look for a solution to achieve your financial and personal objectives.  We will use our knowledge to review all available options and determine the best course of action.  Gifting can even be used during the transference of business ownership and can maximize the benefits of that process.  We may suggest the use of private foundations or similar mechanisms to minimize tax burden.  Aside providing the plan of events upon your death, immediate tax benefits may also be available.