Estate planning

Forum|Forum|3 years ago
September 28, 2022
1 reply
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Once retired do you have any tips so my heirs will pay minimal taxes upon death?

VincentL

You are able to gift the annual exclusion to each donee. In other words, you can give each of your children $16,000 in 2022 and beyond tax free.

The IRS allows a lifetime tax exemption on gifts and estates, up to a certain limit, which is adjusted yearly to keep pace with inflation. For 2022, an individual's combined lifetime exemption from federal gift or estate taxes is $12.06 million. If married, the joint exemption is $24.12 million.

Your annual excluded gifts do not reduce the lifetime exclusion for gifts under $16,000.

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