Category: gift tax

Family Finances: Year-End Gifts Reap Benefits for Donors and Recipients

December 17, 2022
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By Joy Taylor From Kiplinger’s Personal Finance Financial planners and tax professionals often advise clients to include gifting in their year-end tax planning strategies. There are three main reasons to do this. First, your gifts can help family members and friends. Second, because gifts aren’t subject to income tax, the recipient isn’t taxed on the…

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Estate Tax Exemption Amount Goes Up in 2023

November 20, 2022
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Every year, the IRS announces new limits on the estate tax exemption for the upcoming year. It is the amount of money people can give away without having to pay a federal estate tax. The number is primarily for rich people who have large amounts of money. The federal estate tax exemption has been raised…

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Gifts With a Big Payout for Children

November 4, 2022
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By Lisa Gerstner From Kiplinger’s Personal Finance For the children on your gift list this holiday season, you can buy the latest gadgets or fashions—items they may not even recall a year later. Or with $1,000, you can invest in the younger generation’s future with these three ideas that can have a much longer lasting…

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