Ladder7 Wealth Planners Private Limited
Gifting can be used thoughtfully to assist someone who may benefit immensely from the timely gift. In fact, the value of a gift is directly proportional to the need for it by the person receiving (donee) that gift. Timely gifting is priceless.
Hence, giving gifts to near and dear ones should be based on needs rather than just passing on a legacy after one’s lifetime.
Other than Will & Trust, gifting is another option for wealth transfer. Gifting is a discretionary exercise and beyond the call of duty. Hence, it is one’s prerogative to gift or not to gift…and if one does gift, how much to gift.
The general rule is to ensure that the amounts or assets sought to be gifted would not materially affect the donor, after the event. If this is satisfied, one may gift.
Gift should be a present, in the present, when it is needed!