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Estate & Gift Taxes
The 2023 “Gift and Estate Tax Exemption” amount is $12,920,000 for a single person, or $25,840,000 for a married couple. This means that if you die in 2023 and the total fair market value of your assets at your time of death exceeds $12,920,000 every dollar more will be subject to an Estate tax of…
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What is the Annual gift tax exclusion and do I need to do it?
The benefit of gifting the annual Gift Tax Exclusion is to move money out of your estate without estate tax. The estate tax starts when your assets are $12million per person and you transfer them to others, before or after your death. A person who expects they will have a taxable estate at their death…