5 myths about gift tax laws
5 myths about giving away money
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.