Christopher S. Mulvaney,

Attorney and Counselor-at-Law

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THIS WEBSITE INCLUDES GENERAL INFORMATION & THE OPINIONS OF CHRISTOPHER S. MULVANEY. IT IS INTENDED TO STIMULATE A BASIS FOR QUESTIONS RELATED TO YOUR PARTICULAR FACTUAL CIRCUMSTANCES — BEFORE YOU ACT.  THIS WEBSITE DOES NOT CONSTITUTE LEGAL ADVICE. IF YOU WANT LEGAL ADVICE, PLEASE MAKE A ZOOM APPOINTMENT TO SPEAK WITH ME.

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Gonzaga University School of Law – Spokane, Washington – Class of 2002 – Cum Laude The Latin phrase “Deo patriae, scientiis, artibus” translates to “For God and country through sciences and arts”.  The initials A.M.D.G. on the seal of Gonzaga Law School stand for Ad Majorem Dei Gloriam, which is Latin for “For the Greater Glory of God” the Motto of the Society of Jesus (Jesuits): a Catholic religious order founded by St. Ignatius of Loyola.

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THE HIGH GIFT AND ESTATE TAX EXEMPTION AT THE FEDERAL LEVEL ($30 MIILION PER COUPLE) ENCOURAGES YOU TO BE GENEROUS WITH MULTIPLE GENERATIONS OF YOUR FAMILY THROUGHOUT YOUR LIFE

RATHER THAN HORDING WEALTH AND KEEPING UNTIL YOUR DYING BREATH.

PAYING OFF THE DEBTS OF ADULT CHILDREN

AND FUNDING GRANDCHILDREN’S EDUCATION ARE GOOD CHOICES

It is important to understand that: gifts made during life have your cost basis for the Beneficiary;

gifts made after Death have a Step Up In Cost Basis to the fair market value of the property at the date of the decedent’s death. 26 U.S. Code § 1014

You can pay off student loans, mortgages or other debts, buy cars, fund retirement, invest in stocks,

or many other creative ways of giving to multiple generations of your family which reduces the need for an Irrevocable Trust. 

Your generosity can encourage good character rather than creating a Trust Fund Baby situation like The Talented Mr. Ripley in which Dickie Greenleaf lives like Peter Pan sailing in Italy instead of working or growing up because he has an Irrevocable Trust Fund that his parents can’t change.

Making financial gifts throughout your lifetime can offer significant advantages for estate taxes, family harmony, and personal happiness compared to waiting until death to transfer all assets. The strategy is often called “giving with a warm hand”. 

Benefits for estate taxes

• Reduction of taxable estate: Making regular gifts can reduce the overall size of your taxable estate, which can lower or eliminate your family’s federal and state estate tax burden. Federal estate taxes for 2026 apply only to estates worth over $15 million per person ($30 million per couple).

• Annual gift tax exclusion: You can give a certain amount of money or property each year to any number of individuals without incurring a gift tax or using up your lifetime exclusion. For 2025, this annual gift exclusion is $19,000 per recipient. A married couple can combine their annual exclusions to give up to $38,000 per recipient.

• Removal of asset appreciation: When you gift an asset, any future appreciation in its value occurs outside of your estate and is not subject to estate tax.

• This can be especially advantageous for assets that are expected to grow significantly over time.

• Exempt medical and education payments: Paying a loved one’s medical or education expenses directly to the institution is not subject to gift tax and does not count against your annual exclusion or lifetime exemption.

• Strategic trust planning: Giving to various trusts, such as an irrevocable life insurance trust (ILIT) or spousal lifetime access trust (SLAT), can reduce your taxable estate while allowing for specific control over how assets are managed for your beneficiaries.

• Charitable giving: Making charitable gifts during your lifetime or through an estate plan can generate significant income and estate tax savings. 

Benefits for family harmony

• Prevents disputes: A long-term pattern of gifting while you are alive can prevent surprise windfalls after your death that could trigger family conflict.

• When your intentions are clearly communicated and gifts are made systematically, it can reduce disputes among heirs.

• Teaches financial responsibility: Giving money with guidance allows you to teach financial literacy and responsibility, which can prevent heirs from squandering a sudden, large inheritance.

• Addresses needs when they arise: Many people need financial help with expenses like buying a first home, starting a business, or paying for education when they are younger.

• Gifting during your lifetime ensures that your generosity has a real and timely impact.

• Fosters open communication: Talking about your financial and charitable intentions while you are alive can spark meaningful conversations about your values and goals. This transparency can strengthen family bonds and align expectations.

• Reduces administrative burdens: Lifetime gifts can reduce the amount of assets that need to pass through probate, which is often a long, expensive, and public legal process that can cause stress and delays for heirs. 

Benefits for personal happiness

Building a legacy: You get to be actively involved in building your legacy, rather than simply dictating it after you are gone.

This allows you to fine-tune your philanthropic efforts and ensure they align with your values. 

Witnessing the impact: Seeing the positive effect of your generosity firsthand, such as helping a family member achieve a goal or supporting a cause you care about, can bring great joy and satisfaction.

“Helper’s high”: Acts of generosity are known to stimulate the brain’s reward center, releasing “feel-good” chemicals like dopamine and endorphins that can boost your mood, reduce stress, and promote positive emotions.

Connection and purpose: Giving can foster a stronger sense of connection to your community and provide a powerful sense of purpose. It shifts your focus from your own worries toward making a difference in the lives of others.

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Washington State residents can meet with me in Zoom/DocuSign from anywhere in the world, and I can notarize their electronic signatures because I am a remote online notary.  Just email me an image of your photo ID.