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How to Give Property to Children and Heirs - Estate Planning Awareness Month


Jade Fountain

The Office of Gift Planning at MUSC has designated the month of May as Estate Planning Awareness Month on campus. Every Tuesday and Thursday in May, we'll send out a Broadcast Message with a different topic to help you learn about planning and updating your estate plan.

How to Give Property to Children and Heirs

Parents have a number of reasons for making gifts to children. First, a parent should have sufficient resources for retirement and for long-term care needs before making substantial gifts. Once you have acquired a reasonable level of security, you might consider making gifts to children.

There are seven different ways that gifts can be made to children:
1. Cash gifts
2. Stock Gifts
3. Mutual Funds
4. Gifts of Land or Home
5. Uniform Transfers to Minors Act (UTMA)
6. Trust for Children
7. Tax-free Sale Trust for Children

Many questions arise when we consider the options for giving to children. Why should we give? When, what and how should we give? Will gifts impact the self-esteem and initiative of the child? Can a gift plan transfer values to children?

These are all very important questions. Clearly there are better ways to give and a prudent parent will consider carefully the manner, nature and amount of gifts.

To read more details about each of the seven different ways that gifts can be made to children or heirs, click here:

Click here to read Seven Questions on Gifts to Children, as well as view a short video:

For a free Wills Kit, email us with WILLS KIT as your subject. We will promptly send you a helpful Wills Kit.

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