Gift Tax Basics

Video Transcript

Hi, Tom Choisnet, enrolled agent and earlier we were speaking of estate taxes and from the estate taxes we bridge to gift tax basics. I mentioned in the estate tax section that when an estate is over two million dollars the government gets forty-five percent. With that in mind gifting is a very important and easy to implement strategy. What we see most frequently is what I call standard gifts and that's twelve thousand dollars per year per donar, that would be twenty-four thousand dollars in the case of a married couple and that gives birth to a new thing called joint gifts. So that is a very important thing to do because at twenty-four thousand at forty-five percent, forty-eight hundred plus, what is that? That is almost five thousand dollars, so it's very important that the gifting program be instigated in managing the estates as they approach that twelve million, I'm sorry, two million dollars size. Thank you.

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