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Are you hunting for gift ideas for the kids or grandkids? For many people, witnessing the impact of their financial gift is important. Making gifts to family members while you're alive lets you do just that.
You can gift up to $15,000 per year (or $30,000 per couple via gift splitting) to any individual tax-free. This amount is known as your annual gift tax exclusion amount. You also may gift up to $11.18 million (2018 amount) during your lifetime above the annual gift tax exclusion amount. Your spouse has the same $11.18 million amount to use during his or her lifetime. Once you reach this limit, however, you’ll owe gift taxes on any additional gifts.
You have a several strategies available to help you distribute your assets:
Before you implement any gifting strategy, consult your legal and tax professionals to evaluate how this may affect your estate plan and tax situation. Then your financial advisor can partner with you to implement any changes to your financial strategies and financial goals.
This document is intended for broadly informational purposes only. Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. Please consult your estate-planning attorney or qualified tax advisor regarding your situation.