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Wolbachc
September 28, 2022
Question

Estate planning

  • September 28, 2022
  • 1 reply
  • 0 views

Once retired do you have any tips so my heirs will pay minimal taxes upon death?

      1 reply

      V
      VincentL
      September 28, 2022

      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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