gift tax law, maximum gift per year without incurring a gift tax

Under the federal tax law, it is possible. There won't be any gift tax on the donor because $200,000 is less than the current lifetime gift exception. You would need to file a gift tax return, however.

That is a very substantial gift you are about to make! Perhaps you would like to make a gift to a promising young attorney to help pay off his crushing law school debt.

In all seriousness, you should be aware that the provisions of the estate and gift tax provide a wonderful variety of ways to make gifts while helping you minimize, or in some cases completely avoid tax liability. For example, the "annual exclusion" is up to $12,000 per year per donee for 2008, which generally allows you to make gifts to people you choose, each year, up to $12,000 (if you are married, your spouse also enjoys the benefits of the annual exclusion).

If your goals include making gifts to family members, an experienced attorney can help you develop a strategy to help you achieve your goals and optimize use of the estate and gift tax rules. You may also have an interest in making a gift to a church, religious, or other charitable organization, and there are lots of ways to help nonprofit community organizations that have personal meaning for you, while benefiting you by reducing your gift and estate tax liability.

Keep in mind that there are many different ways for you to achieve your own life and estate planning goals while minimizing the tax impact on both you and on the recipients of your generosity. Whether you are interested in making larger gifts during your lifetime or setting up a trust to protect your children from the difficulties of sudden wealth, you should speak with an experienced tax and estate planning attorney before you make any sort of gift.

That is a very substantial gift you are about to make! Perhaps you would like to make a gift to a promising young attorney to help pay off his crushing law school debt.

In all seriousness, you should be aware that the provisions of the estate and gift tax provide a wonderful variety of ways to make gifts while helping you minimize, or in some cases completely avoid tax liability. For example, the "annual exclusion" is up to $12,000 per year per donee for 2008, which generally allows you to make gifts to people you choose, each year, up to $12,000 (if you are married, your spouse also enjoys the benefits of the annual exclusion).

If your goals include making gifts to family members, an experienced attorney can help you develop a strategy to help you achieve your goals and optimize use of the estate and gift tax rules. You may also have an interest in making a gift to a church, religious, or other charitable organization, and there are lots of ways to help nonprofit community organizations that have personal meaning for you, while benefiting you by reducing your gift and estate tax liability.

Keep in mind that there are many different ways for you to achieve your own life and estate planning goals while minimizing the tax impact on both you and on the recipients of your generosity. Whether you are interested in making larger gifts during your lifetime or setting up a trust to protect your children from the difficulties of sudden wealth, you should speak with an experienced tax and estate planning attorney before you make any sort of gift.