How much should you give your children and grandchildren?
It was just last year that the Trump tax law doubled the federal estate tax exemption amount to a base level of $10 million—through 2025—and the Internal Revenue Service saidif/when the exemption is lowered. That prompted many wealthy folks to make big lifetime gifts. But some folks dawdled. “Some people were cautiously watching and felt that they had time to make a decision.
When you’re doing advanced estate planning—making gifts in excess of $15,000 annual exclusion gifts—you’re using your lifetime gift/estate tax exemption. With the new 2020 numbers, a couple who has used up every dollar of their exemption before the increase has another $360,000 of exemption value to pass on tax-free. For folks who are worried that that’s a lot to give, there are newfangled spousal lifetime asset trusts .
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