Listen in to Hugh’s insight into how to create meaningful strategies to ensure you are harboring gratefulness versus unintended resentment amongst family.
A grateful heart is significant when we feel we’ve gone above and beyond to provide something for our children/grandchildren. Knowing our children are thankful usually inspires us to want to do more for them.
Over the past year, my partners and I at The Rawls Group have constantly reminded our clients of the need to utilize their lifetime exemption, which is currently $11.7M per person and $23.4M per married couple. We expect a significant reduction in the exemption, if not this year, then no later than December 31, 2025.
With the impending reduction, how to gift assets effectively to children is a hot topic with business owners. “How will gifting affect our lifestyle” and “Will this adversely affect our children” are a few common and critical questions to consider.