How To Provide A Tax-Fee Gift To Your Children

As a parent, you might be looking for a financial solution that can help you support your loved ones in this current economic landscape of uncertainty and heightened interest rates.

Consider providing an early inheritance to see your adult children use the funds to improve their life. An early inheritance avoids probate fees (estate administration tax) and saves money by bringing you to a lower tax bracket. An early inheritance can help your children make a down payment on their home, and more. Your tax specialist can tell you more.

You could turn to a home equity line of credit or liquidate investments to gift early inheritances BUT consider the challenges associated, such as loss of earnings or tax payable when selling your assets.