Giving estate assets away to avoid Estate Taxes
Answer:
Congress has joined the Gift Tax and the Estate Tax together.
If you give more than $14,000 to any person per year ($28,000 with your spouse), you will be subject to the Gift Tax.
If your gift to any person is in excess of $14,000 ($28,000 for married individuals) then you will have to file a Gift Tax return which is generally due April 15 of the year following the gift.
The amount of the gift in excess of $14,000 ($28,000 for married persons) will reduce your lifetime exemption for Estate Taxes by the amount of the excess.
If you give more than $14,000 to any person per year ($28,000 with your spouse), you will be subject to the Gift Tax.
If your gift to any person is in excess of $14,000 ($28,000 for married individuals) then you will have to file a Gift Tax return which is generally due April 15 of the year following the gift.
The amount of the gift in excess of $14,000 ($28,000 for married persons) will reduce your lifetime exemption for Estate Taxes by the amount of the excess.
