Boston, MA asked in Estate Planning for Massachusetts

Q: My father would like to give a bunch of land to his town - should he do it now, or when he dies?

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1 Lawyer Answer
Peter C Herbst Jr
Peter C Herbst Jr
  • Estate Planning Lawyer
  • Braintree, MA
  • Licensed in Massachusetts

A: Generally speaking, if it qualifies as a charitable contribution the advantage of lifetime gifting is that you get an income tax benefit and the property is not in your estate for estate taxes. Plus he might get satisfaction from seeing it put to public use during his life. Everyone's situation is different so he really needs to consult with an estate planning attorney with a strong tax background.

Kenneth V Zichi agrees with this answer

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