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Posted on 12/24/22 at 7:00 am to BBONDS25
quote:
Insane that gifting or dying is a taxable event.
Totally agree
Posted on 12/24/22 at 7:10 am to East Coast Band
quote:your parents can give you up to $128k per year tax free if you have a family of 4.
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
Posted on 12/24/22 at 8:36 am to BBONDS25
quote:
There is no provision that allows you to give more to your kids than any other beneficiary. Annual exemption and lifetime exemption are it. Perhaps you are thinking of the 529 gift exemption?
It was in response to :
quote:
I bet some rich folks give their kids way more than $16k in a year and never pay any gift tax
quote:
If the trust is revocable and the grantor has any right to the funds, it is not a completed gift and will not be outside of the estate. Any incidence of ownership pulls the gift back In.
You are correct- I misspoke.
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