Planning Briefs
It's Hard To Beat The Annual Gift Tax Exclusion For Ease
Published Tuesday, November 28, 2017 at: 7:00 AM EST
The calls for tax reform are growing louder in Washington. Among other proposals, the Trump administration advocates a repeal of federal estate taxes. Yet even with that possibility looming, it's hard to go wrong by giving away assets to family members in lower tax brackets.Not only will this reduce the size of your taxable estate, it will likely save income tax in the future, regardless of the fate of tax reform. Best of all, the gifts are sheltered from federal gift tax by the annual gift tax exclusion. That exclusion covers the value of any gifts, including cash and securities, up...
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