If a taxpayer dies and the value of the taxpayer’s gross estate, plus adjusted taxable gifts exceeds $5,490,000 in 2017 then the taxpayer’s estate must file a United States Estate (and Generation-Skipping Transfer) Tax Return commonly referred to as Form 706. However, each year a taxpayer can transfer $14,000.00 to as many different individuals (and in some cases trusts) as the tax payer chooses without reducing the taxpayer’s $5,490,000.00 exclusion from transfer taxes (spouse can shield amost $11,000,000.00). Annual exclusion gifts can be an important part of planning to reduce estate taxes especially for older taxpayers. For more information about estate planning to reduce transfer taxes, contact Florida Bar Board Certified Expert in Wills, Trusts and Estates Matthew A. Linde, Esq. today.
2017 Gift Tax Exclusion is still $14,000.00
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