Legal Question in Wills and Trusts in Georgia

Are you talking about gifting while you are alive or dead? The annual exclusion for gifts to living people is $14,000. So if you have more than one child you can give each up to $14,000 once per year. If you are married, you and your spouse can each give each child $14,000 per year (a total of $28,000). The gifts are subject to a lifetime max - I thought it was $1 million but that may have gone up.

If you/your spouse is deceased, then there are federal/state estate taxes and some states also impose an inheritance tax. For inheritance tax, this would depend on where you live at the time of your death. GA does not have inheritance taxes. For estate taxes, you can pass up to $5.45 million in assets before incurring estate tax.

If you have an estate over $10.9 million and you are married, then you need to see an attorney specializing in estate planning and tax minimization. With proper planning you can make sure you can reduce or eliminate the taxes.