You’ve worked hard to get the things you have, and now you want your children and grandchildren to enjoy the fruits of your labor. However, the IRS may penalize your estate or gifts, in effect penalizing your descendants for your success. Luckily you can plan around the IRS. The Internal Revenue Code allows you to give up to $15,000 (2018) per person without paying a gift tax. An unlimited amount can be given each year as long as no recipient receives more than the annual exclusion amount. This is just one of many tools to rescue your hard work from taxes so that your legacy safely passes down to those you love. To further discuss your tax planning needs, consult your attorney and certified public accountant.
Disclaimer: This is not legal or tax advice. Please consult your attorney and certified public accountant regarding your legal and tax matters.
