There is a federal gift tax in place that is unified with the estate tax, but there are exclusions that can be used to give tax-free gifts. You can give up to $14,000 each calendar year to an unlimited number of people tax-free, and you can also pay for school tuition and medical expenses free of the gift tax.
Topics covered in this report include:
- Annual Per Person Exclusion
- Educational Exclusion
- Medical Gift Tax Exclusion
- Unified Lifetime Gift and Estate Tax Exclusion
Click here to read the whole article or download the PDF.
- Why Would I Use an Irrevocable Trust? - May 19, 2022
- Avoid These Estate Planning Missteps - May 5, 2022
- What Happens If a Will Beneficiary Dies? - April 21, 2022