Tiger-ize Your Assets: Five Takeaways
Alumni experts Jennifer Jordan McCall ’78, T. Randolph “Randy” Harris ’72, and Victoria Baum Bjorklund ’73 shared their thoughts on how to “Tiger-ize Your Assets” for the 1746 Society Reunions Panel. Among the tips they offered:
- Trusts can provide a substantial transfer tax and income tax savings, as well as long-range planning opportunities, including the use of the generation skipping tax exemption.
- A charitable gift made during your lifetime, rather than in your will or in a revocable trust, allows you to benefit from an income tax charitable deduction.
- No need for an immediate income tax deduction on assets you plan to give to your heirs and would also like to benefit Princeton or another charity? Consider a “non-grantor charitable lead trust” that will give distributions to charity for a term, and then go to your heirs (often free of estate and gift tax).
- Philanthropically inclined individuals may find it more efficient to leave highly-taxed assets such as IRAs to Princeton or another charity, and the equivalent value in appreciated stock to family members.
- Make clear restrictions and conditions you desire through your bequest while you are still alive to avoid the gift failing to meet your intentions.
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The information presented is not intended as legal or financial advice. Please consult your own professional advisors to discuss your specific situation.