If you give $14,000 as a gift to someone who is not a blood relative, you will pay taxes on these funds and so will the recipient.

🎲 Try a Random Question  |  Total Questions in Quiz: 91  |  🧠 Study this quiz with Flashcards
This question is part of a full practice quiz:
Personal Finance: Estate Planning — practice the complete quiz, review flashcards, or try a random question.

What is Estate Planning?
Estate planning
is the process of designating who will receive your assets in the event of your death or incapacitation.

Estate planning vs Living will:
Basically, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.
 


If you give $14,000 as a gift to someone who is not a blood relative, you will pay taxes on these funds and so will the recipient.