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Do You Really Owe Taxes When You Give Someone a Gift?- Season 5: Episode 6

Have you heard of the “Gift Tax?” Many people are at least familiar with the term, but relatively few know how, when, or where it might be applied. You probably give gifts all the time: some small, some not so small, and some maybe quite large, as for example a downpayment on a home for your son or daughter.  Generosity certainly has its benefits, but is there also a tax that someone should be paying?

The answer is both yes and no. And it all depends on a few factors. Knowing how the gift tax works can be especially helpful when it comes time to pass your assets down to your heirs, and if you’re worth a lot of money, it’s even more vital that you understand how it works. Find out who should worry about a gift tax and who should not on this week’s episode of Managing Your Financial Future, with podcast host Johnny Dean and Rick “the Professor” Plum, CFP®!

Important Information:

The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.

You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.

No client or prospective client should assume that the presentation (or any component thereof) serves as the receipt of, or a substitute for, personalized advice from Lucia Capital Group or from any other investment professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Rick Plum is a registered representative with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.

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