Lifetime gift tax planning allows you to give assets to loved ones, without paying gift taxes now or estate taxes later. However, here are four gifts that are not taxable under federal estate planning law.
Four Gifts That Are Not Taxable Under Federal Estate Planning Law
Spousal Gifts
There is no limit to the amount you can give to your spouse, if you are both U.S. citizens. However, if you are a U.S. citizen but your spouse is not, you can give up to $152,000 to your spouse in 2019.
Tuition Gifts
Tuition costs you pay for another person have no limit, as long as you pay the institution directly.
Healthcare Gifts
Healthcare costs you pay for another person have no limit, as long as you pay the hospital or medical professional directly.
Charitable Gifts
Charitable contributions are also limitless, as long as the charity qualifies.
Do You Need To Speak With A Lawyer About Estate Planning?
If you need to speak with an experienced estate planning lawyer please contact us online or call our office directly at 888.864.9981. We will be happy to discuss your legal options!
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