taxes

5 myths about gift tax laws

5 myths about giving away money
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It's the one-size-fits-all gift that always fits: money.

Who doesn't want to receive a generous gift from a rich relative? And who doesn't daydream about winning the lottery and sharing the bounty with a few friends or family members?

For wealthy individuals, gifting is a tool used to pass along their affluence without incurring hefty estate taxes. Plus, they can actually watch their loved ones enjoy it.

But gifting has spawned a handful of pervasive money myths. Experts share the top five.


 

 

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