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According to the National Retail Federation, Americans will spend an estimated $19.6 billion on Valentine’s Day this year. With a little more than half of the American population participating in Valentine’s Day giving, that breaks down to about $143 per person.
While chocolates, candied hearts or a night out on the town can be great ways to express your love, I would argue that financial planning may be the ultimate act that says, “I love you and I care about you”.
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As we approach the end of the year, you may be thinking of making a large financial gift to your children, grandchildren or others in your life.
Gifting strategies and the tax laws that create them can be confusing. Even as I write this, Congress is considering major legislation that could impact generational gifting for millions of Americans in the future.
Don’t let these 5 myths about gifting assets stop your holiday giving this year.