Tag Archive for annual exclusion

Estate Planning: Gifts & Gift Taxes

Cash pileJust as gifts come in all shapes and sizes, so do the tax rules and regulations regarding the gifts of your assets that you make during your lifetime or at death. Generally speaking, the donor of the gift is responsible for paying any gift taxes owed.

The Internal Revenue Service (IRS) first states that any gift is a taxable gift, but then applies exceptions to that general rule. » Read more..

Uncle Sam’s Year-End Gift to You

Starting in 2013, the annual exclusion amount from gift taxes will increase from the current $13,000 per year to $14,000. » Read more..