Estate Tax Exemptions And Gift Tax
How does gift tax and estate tax work in estate planning?
Gainesville elder and special needs attorney discusses estate tax exemptions. How does tax exemption work? Can you give your estate away and get an exemption?
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“Right now, what’s unique is that we have a $5.1 million exemption for estate tax purposes. That also includes generation-skipping tax as well as gift tax. What that basically means is we have this coupon from the IRS that allows us to transfer moneys, either by virtue of dying — if you have $5 million and you die, you get to use your coupon as you check out, to leave money to others without paying any estate taxes. The same is true if you’re going to give money to a grandchild, or if you’re alive and you decide to give your money away.”