Planning Briefs
Giving More To Loved Ones - Tax-Free
Published Tuesday, March 20, 2018 at: 7:00 AM EDT
While it may be better to give than to receive, as the adage contends, both givers and receivers should be happy with the new tax law. The annual amount you can give someone tax-free has been raised to $15,000, from $14,000 in 2017. Exempting $15,000 annually from gift tax, over time, transfers a lot of wealth to those you care about during your lifetime, while avoiding the tender mercies of the tax man, and married couples can have double the fun. Take the example of a husband and wife with three married children and six grandchildren. The husband can give $15,000 each...
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