Capturing an Annual Exclusion Gift to Spouse


People with potential taxable estates should consider maximum utilization of the Annual Exclusion. The Annual Exclusion is an amount a person (the Donor) can give to another person (the Donee) without any gift tax consequences. The current Annual Exclusion amount is $13,000 per Donee. So you could give 10 people $13,000 each, every year, without incurring any gift tax and not using your Lifetime Exemption (which allows up to $1,000,000 in additional gifting before tax is actually incurred).

Most people miss the Annual Exclusion gift that could be made to a spouse with a properly drafted trust.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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