Gifting made easy – Max out your annual gift tax exclusion amount

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Abstract: By using the annual gift tax exclusion judiciously, individuals can transfer assets to loved ones and reduce the size of their taxable estates without eroding their federal gift and estate tax exemption. This article details the benefits of making annual exclusion gifts, especially if one wants to transfer significant wealth to family members. A sidebar explains a recent U.S. Tax Court ruling regarding deathbed gifts.