If you're considering gifting money or assets to family members in order to lower your current taxes or reduce your estate to avoid estate taxes, don't make a move without consulting your accountant or attorney. Gifting is complex.

Currently, you may gift up to $12,000 a year per person. If you're married, you and your spouse may each gift that much for a total of $24,000 without triggering a gift tax.

Consider giving appreciated assets rather than cash. It will keep future appreciation out of your estate.

Remember that making a gift directly to a minor will take control of the asset out of your hands. So consider setting up a trust or custodial account to keep control of how the money is handled.

Also, be aware that if you are making a gift on behalf of a child's college education, there is no limit to the size of the gift if it's paid directly to the school.

Gifting is good...but do it the right way!

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