Did you know that if you give people a lot of money, you might have to pay a gift tax? I certainly did not and I was shocked. I figured if I paid tax when I earned the money surely I had paid enough tax but nope!
As I get older, I think a lot about what I’m going to leave behind to others. Becoming a philanthropist is a big part of my fute planning. I wanted to make sure that I’m able to make the most my money so I’m learning all I can now. If you’re interested in giving to cash gifts to others at some point, you might want to check out this great article by Turbo Tax.