Even with the recent changes in the Federal Estate Tax exemption, extending the lifetime combined estate and gift tax exemption amount to $5,000,000 per person, the annual gift tax exclusion is very much alive and well. The annual exclusion amount is in addition to the lifetime exemption, and even with a $5,000,000 lifetime amount, many taxpayers utilize the annual gift exclusion to further maximize the total assets that may be transferred with no tax cost. Read More…
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