Generally speaking:
Are gifts normally taxed once by the recipient or donor?
Bequests are taxed annual and upon transfer (double tax)?
which in most cases the gift is a better method correct?
Generally speaking:
Are gifts normally taxed once by the recipient or donor?
Bequests are taxed annual and upon transfer (double tax)?
which in most cases the gift is a better method correct?
Depends if there are wealth transfer taxes and estate taxes and who pays them
Transfering assets to someone
While Alive - “Gift”
Through your Will/when you are dead - “Bequest”
Ahh forgot about that. yes that is the key difference.