If we give gifts to kids less than one million this year when one time gift allowance is $ 5 million and next year limit changes to one million what would be total gifts allowed with out gift tax? Could it be more than one year by year end next year?
Above and beyond the $5 million, you can give $13,000 per donee per year. This exclusion is likely to continue. So, if you are married and have three children. Each of you and your spouse can give $13,000 to each child gift/estate tax free...a total of $78,000.
Now, beyond that, if you give $350,000 this year, my view is that (beyond the $13,000 exclusion) you will be able to give $650,000 next year if the exclusion goes down to $1 million, assuming you made no taxable gifts in previous years.
Marty Davidoff, [email protected], 732-274-1600. This answer is provided for general information only. You should seek advice from an attorney or tax professional.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline