This is a great time of year for gift giving. The calendar year is about to wind down and a new one will begin. Some basic reminders:
- The total lifetime Federal exclusion for Estate & Gifts is now: $5,430,000
- The maximum Estate & Gift tax rate is: 40%
- The amount one can give to a Donee without paying a gift tax is: $14,000 (per Donee)
- The Donee (one that receives gift money) doesn’t pay tax on amount received.
Happy Holidays and happy giving!