Advisor Connections Newsletter™
June 7, 2016
Hello Friends and Colleagues!
We finally turned the corner and made it to summer! We hope everyone had a happy Memorial Day and reflected on the sacrifices of those who gave their lives defending our country and liberties.
In this edition of Advisor Connections, we share an all to common story highlighting the unexpected consequences of gifting assets during life: specifically real estate, bank accounts, and stock. Often, what seems like a relatively simple transaction can unfold into a myriad of problems for both the donor and the donee. These transactions can be riddled with landmines in the form of unexpected tax liability, additional exposure to creditors, and unnecessary professional fees to clean up an estate planning nightmare. As professionals, it is important to ensure our clients receive competent legal, tax, and financial advice before they decide to make large lifetime gifts.
We hope you find this Newsletter to be insightful! As always, feel free to contact us with any questions or comments you have. We can be reached by calling (216) 236-6480 or by emailing Scott Williams or Joseph Ferraro.