One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the annual gift tax exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without owing gift tax. That “specified” amount is subject to annual inflation adjustments. Notably, for 2024, the amount will increase $1,000 to $18,000 per recipient. It’s notable because the amount had been stagnant at $15,000 for several years (2018-2021). In 2022, the amount began increasing in $1,000 increments. Beginning next year, you can pass even more of your assets to loved ones estate-tax-free. Contact us with questions.
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