Given the possibility of a lower lifetime estate and gift tax exemption, individuals and couples may want to consider annual gifting as a way to reduce the size of their estates to reduce or eliminate estate tax at the time of their death.
For example, a married couple with three married children and four grandchildren could give away $300,000 per year by each parent gifting $15,000 to each child, their spouses and each grandchild. And, they could repeat these gifts annually.
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If you’re interested in learning more about annual gifting, please contact estate planning attorneys in Ann Arbor at 734-665-4441.
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