The best gift a beneficiary can receive is careful estate planning. It can be an impossible task to track down assets and debts, especially if they are located in several cities, states, or countries. Leaving items in your name alone that could have otherwise been titled differently could force probate in unnecessary situations. Making gifts without tracking and making the required reporting can cause unnecessary headaches dealing with IRS. If you truly want thankful beneficiaries, be sure to keep your red file updated and speak with your attorney to carefully craft an estate plan that will not be overly burdensome to execute.
-Emily Helmick Packwood, Esq.