The ethicacy of gifting to avoid paying taxes
Recently, I discovered that I can gift up to $19K (2025) per child tax free - every year. After investigating I confirmed this and thought about using gifting as a means of avoiding taxes. In the end it is not that easy. In this recent case, I wanted to help a daughter with a gift toward the purchase of a new home as an "early inheritance disbursement from my estate". So I initiated several conversations with trusted financial advisors to learn about using gifting as a means of avoiding ALL taxes from my IRA . Then, a key questioned was posed to me : "do you oppose paying taxes?". This raised the bigger question - what is my social responsibility to contribute back into the welfare of the state. Another advisor clarified the morally: "a gift is a gift" - and should be given without expecting to receive anything in return. Good advise but in this case there are 3 parties in the gifting : the receiver, myself,...