Annual exclusion gifts – A deceptively powerful estate planning strategy
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Description
Abstract: In 2021, the federal lifetime gift and estate tax exemption amount is a whopping $11.7 million. So, for most people, it may seem like planning for gift and estate taxes is unnecessary. But even if a person’s net worth is only a fraction of the current exemption amount, there are good reasons to adopt strategies to reduce the size of his or her taxable estate. This article explains one such strategy: making regular annual exclusion gifts. A brief sidebar explores the benefits of further reducing one’s taxable estate by making direct tuition and medical expense payments.
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