Advantages of Gifting Precious Metals To Family Members
Economists believe gold and other precious metal investing is a great way to protect you from rising inflation. It acts as a haven for investors that invest in the precious metal as they tend to retain their value even during tough times.
Saving for rainy days and old age is good, but you should also consider gifting it to family members. It may not seem to you much, but it can make them feel special. Here are what advantages of gifting gold and other precious metal presents.
Gifting Precious Metal To Parents Or Siblings
You can gift precious metals to your parents. They can use the precious metals to pay off home mortgages or can save up for old age. Investors believe that gold investing can work well as an old-age investment. Precious metal is a long-term investment.
You can also offer precious metals as gifts to your sibling. They can use it to pay off student loans if they’re still studying and could use it for investment.
Gifting Precious Metal To Children
Do you have kids? If yes, you could also give them gold and precious metals as gifts. These investments can help in the long run when they become mature and responsible. You could give them precious metals such as bullions or coins, as they’re easier to liquidate.
An estate plan is also a favorable option. With the help of a legal attorney, you could set up an estate plan and offer your kids a portion of your precious metals. Estates plans offer a way to minimize the tax on the precious metal as you offer them as gifts. It is usually done to designate tangible and intangible assets to legal heirs after death.
How Much Can You Give
According to the IRS, a precious metal given as a gift worth below $16,000 would be tax-free. Any gift above the recipient would owe federal taxes on the gift. You can also give gifts to relatives and friends. However, you can only give a gift once worth $16,000 tax-free per year.
You can get in touch with us if you need help gifting gold, silver, platinum, or other precious metals bullions to friends or family.
At Orion Metal Exchange, our online trading platform lets you purchase and sell precious metals in a timely and hassle-free manner. As a result, you can buy precious metals online and transport them to your family while being at home.