Dean Williams, CPA, CFP®, Partner and Senior Financial Advisor, was recently interviewed for a Forbes article by Senior Contributor Larry Light titled “Here Are Smart Ways To Gift Your Money And Avoid Taxes.” Dean’s insight highlights how thoughtful gifting strategies can serve both as effective tax planning tools and meaningful opportunities to transfer values to the next generation.
In the interview, Dean emphasizes that gifting assets, while a useful strategy for reducing tax liability, is also about creating a legacy of purpose and financial literacy. “At some point, the focus shifts from accumulating assets to using them in a way that reflects your values,” said Williams. “Lifetime gifting becomes more than a financial move. It’s a way to prepare the next generation, to foster responsibility and pass down wisdom alongside wealth.”
Dean also identified some tax pitfalls of which families should be aware. “If you gift something like stock, the recipient inherits your original cost basis, which is what you paid for the shares way back when you bought them. That means, when your beneficiary eventually sells the stock, he or she could owe capital gains taxes on the full growth when they sell.”
