Just a little clarification on the gifting to frie
Post# of 85484
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Posted On: 12/06/2019 12:20:04 AM
Just a little clarification on the gifting to friends and family.
You can give $15,000 per year to anyone you choose with no limit on the number of people and they don't pay any gift tax (you already paid the income tax). If married, have your wife also give $15,000 to them for $30,000 total. You can give more money to them by eating into your total lifetime exemption, which I believe is a little over 11 million currently. If there is a "death tax" at the time of your death and you have used all your lifetime exemption because of excess giving ($15,000 or $30,000 per year, as any amount above that eats into the lifetime exemption) then your heirs will have to pay the death tax on your estate value that is larger than any of the remaining unused exemption.
See an accountant, but basically you can give a pile of money to loved ones under current rules and they won't have to pay gift tax. For many here, even with a lot of shares, if you are married you can give over 22 million away while you are alive and if your estate is less than 22M at death, then no death taxes under current law (the way I understand it). I will be contacting an estate planning attorney I did seminars with for help and a good CPA too.
You can give $15,000 per year to anyone you choose with no limit on the number of people and they don't pay any gift tax (you already paid the income tax). If married, have your wife also give $15,000 to them for $30,000 total. You can give more money to them by eating into your total lifetime exemption, which I believe is a little over 11 million currently. If there is a "death tax" at the time of your death and you have used all your lifetime exemption because of excess giving ($15,000 or $30,000 per year, as any amount above that eats into the lifetime exemption) then your heirs will have to pay the death tax on your estate value that is larger than any of the remaining unused exemption.
See an accountant, but basically you can give a pile of money to loved ones under current rules and they won't have to pay gift tax. For many here, even with a lot of shares, if you are married you can give over 22 million away while you are alive and if your estate is less than 22M at death, then no death taxes under current law (the way I understand it). I will be contacting an estate planning attorney I did seminars with for help and a good CPA too.
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