Good morning,
We are from New York state. One of my questions is about the five (5) year statute on assets or should I say liquidation of said assets. If my understanding is correct my mother can gift 11 thousand dollars to each child and grandchild per year. Can she also purchace gifts for said children and grandchildren? Is there a limit to the value of said gifts?
Thank you for your time
1 Answer from Attorneys
It is $13K now a person and the spouse can give away up to $26,000.00 (13K each) annually to any number of people. If there is just Mom, then $13K
-You have a lifetime limit of $1,000,000.00 to give away tax free.
-The gift cannot have any exclusions and is money or property given away without an expected return.
-If you must claim the federal gift tax on your gifts (b/c you gave away too much-say you gave your kid over $26K), then you must file using Form 709.
-Giving away property or money before your death can provide a huge tax savings to your friends and family.
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