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The IRS allows for monetary gifts to be given without taxation of between $1.00 and $14,000.00 (or the posted rate for that specific tax year) to anyone. This $14,000 maximum gift can be given to anyone, including parents, children or those who you aren’t related to at all, and no tax liability will be incurred.
→ Read MoreThe unified gift and estate tax credit is the current shelter amount for gifting during ones lifetime and at ones death. When an estate is below the unified gift and estate tax credit limit, there will be no estate tax due at the time of death. Instead, all of those funds pass directly to the specified recipients.
→ Read MoreParents of minor children often wonder if they can reduce their tax liability by transferring ownership of their assets to their minor children, who reside in a much lower tax bracket. Whether this strategy is beneficial depends largely on the value of the parent’s assets and the age of the child.
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