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Gifting money to non-direct descendants

When it comes time to make a will or a trust or engage in other forms of estate planning, Texas residents who do not have children may face unique choices that require careful consideration. Some people in this situation may opt to donate money or other assets to one or more charities. Others might decide that leaving their estate and valued possessions to family members even if they are not direct descendants is important.

As U.S. News and World Report Money indicates, it can be important to review the implications of leaving money to relatives such as nieces or nephews especially if only some of these relatives will end up receiving a part of your estate. One thing to review is your reason for choosing to name a particular person as an heir in your estate plan. If you have a nephew with special needs, providing for him may be logical and easily understandable by others who do not receive anything from your estate. If your choice is simply a matter of preferring some people over others, keep in mind the ramifications for that person after you die.

Taxes are another factor when making your plan for both your estate and your heirs. You should carefully evaluate the tax implications of different ways of setting up your estate plan. 

If you would like to learn more about the things to consider when planning to give money to siblings, nieces, nephews or other family members, please feel free to visit the family financial giving page of our Texas estate planning website.

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