Giving Gifts Can sacrifice Estate Tax Burden

Asset - Giving Gifts Can sacrifice Estate Tax Burden

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One of the ways that you can reduce the value of your estate in an effort to stay within the estate tax exclusion amount is by giving gifts to your heirs while you are still living. Each person is entitled to give unlimited gifts of up to ,000 per year, but they may not give more than that to any one individual.

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So, you and your spouse could take advantage of this each year exemption and give as much as ,000 per year to anything you choose. It should be noted that there is a million lifetime gift tax exclusion, but these each year non-taxable gifts of up to ,000 do not reduce your lifetime gift tax exemption credit.

You can also pay the tuition of as many students as you would like to as a gift to them tax free. Many citizen would see the wisdom in letting their grandchildren know that they can go to the colleges of their selection as a gift in an effort to help them help themselves rather than plainly handing them a check that could be squandered or not fully appreciated.

One can also pay the medical expenses of others as a gift and there is no limit to the amount that can be gifted free of the gift tax. This includes condition care insurance, so it can be a very welcome and useful gift even to those who are not suffering any condition problems at present.

When you concentrate ,000 annually with the medical and educational gifts that can be bestowed to your loved ones, you can see how an ongoing transference of assets could be arranged entirely free of gift and estate tax without reducing the lifetime exemption. With some creative long term planning your can perform your inheritance goals and receive the added bonus of getting to see the impact that your generosity is having on the lives of your loved ones while you are still alive and well.

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