Outside the Box: Giving your money away when you die: 10 questions to ask

Haven’t given much thought to estate planning and charitable giving? Here are 10 questions to jumpstart your thinking:

1. Can you afford to give away money now? You shouldn’t gift large sums to your children or charity unless you’re confident you have enough for your own retirement. There’s no limit on gifts to charity, though your annual tax deduction may be capped. For gifts to family members, you might take advantage of the annual gift-tax exclusion, currently $14,000.

2. Do you have the right beneficiaries listed on your retirement accounts and life insurance? Your individual retirement account and employer’s retirement plan might hold the bulk of your savings, so it’s crucial these accounts pass to the right folks.

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