This is a great time of year for gift giving. The calendar year is about to wind down and a new one will begin. Some basic reminders:

  • The total lifetime Federal exclusion for Estate & Gifts is now: $5,430,000
  • The maximum Estate & Gift tax rate is: 40%
  • The amount one can give to a Donee without paying a gift tax is: $14,000 (per Donee)
  • The Donee (one that receives gift money) doesn’t pay tax on amount received.

Happy Holidays and happy giving!