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.
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.