You probably give to others each year, such as for birthday and Christmas gifts. Gifting can be done for other reasons during life or as bequests at death. The reasons for doing so could be to accomplish nontax or tax goals.

Marc A. Hebert's Money Sense column sig

Here are some nontax advantages of making lifetime gifts. The first is that you are able to see the recipient (donee) enjoy your gift. You might feel satisfaction in helping your children achieve financial independence or have fewer worries. Sometimes, giving away property means you are the one with fewer worries. Property management can be a stressful responsibility.

Marc A. Hebert, MS, CFP, is a senior member and president of the wealth management and financial planning firm The Harbor Group of Bedford. Email questions to Marc at mhebert@harborgroup.com.

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