Gifting Money to Family: Tax Rules, Common Mistakes & What You Need to Know in 2026

Gifting Money to Family: Tax Rules, Common Mistakes & What You Need to Know in 2026

From Gimme Some Truth | Investing, Financial Advice for High-Net-Worth Families and Individuals by Walkner Condon Financial Advisors

May 25, 2026 · 22 min

About this episode

This episode discusses the important tax rules and planning considerations for gifting money or assets to family members, including common pitfalls and strategies for effective wealth transfer.

Thinking about gifting money or assets to your kids or other family members? Before you write that check or transfer that stock, there are some important tax rules and planning pitfalls you need to understand. In this episode of Gimme Some Truth, Nate, Evan, and Polly break down everything you need to know about lifetime gifting — from the 2026 annual gift tax exclusion ($19,000 per recipient) to the lifetime gift tax exemption ($15 million individual / $30 million for married couples). They explain when you need to file Form 709, what types of assets you can gift, and why gifting appreciated stock can actually backfire thanks to the step-up in basis trap. The conversation goes beyond tax rules into the real-world side of gifting that most people overlook. How do you talk to your kids about receiving a large gift? What happens to your child's college financial aid if you gift them money at the wrong time? And why does relinquishing control over the gift matter more than most people realize? They also cover custodial accounts vs. 529 plans, the tax implications of gifting real estate, and the most common pitfalls advisors see when clients try to gift without a plan. Whether you're…

People in this episode

Hosts: Nate, Evan, Polly

Topics covered

  • gifting money
  • tax rules
  • common mistakes
  • lifetime gifting
  • financial planning
  • college financial aid
  • wealth transfer

Keywords

  • gift tax exclusion
  • lifetime gift tax exemption
  • Form 709
  • appreciated stock
  • financial aid
  • wealth transfer
  • tax implications

Mentioned in this episode

Products: Form 709, 529 plans, custodial accounts, real estate, cash, stock

Places: United States

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