Tax Free Gifts

You can give $14,000 ($28,000 if you are married) to as many people as you choose without dipping into your lifetime exemption.  Gifts can be made outright, to trusts, and to 529 college savings plans.  You can “front-load” 529 plans with up to five years’ worth of annual gifts ($70,000 or $140,000 if married).  Tuition and medical bill payments are also gift tax free if made directly to the school or provider.

The annual exclusion for gifts to a non-citizen spouse has increased from $147,000 to $148,000.

If you have any questions regarding tax free gifts, please contact Doris L. Martin, or visit our website.