The April 15 tax filing deadline is approaching, which also marks the due date for filing a gift tax return if you made ...

This is known as the annual exclusion. For example, say you have three adult children and you give each of them $25,000 in 2024. You won’t have to pay taxes on this money, but the three gifts ...

By diversifying your retirement income sources to include some of these tax-free options, you can potentially lower your ...

Forming a trust now and funding it after Congress decides whether to keep the current gift tax exemption rate could make for ...

as there is a lifetime gift/estate tax exemption limit. For 2025, that limit is $13.99 million. There's also an annual gift exclusion limit—the most you can give in 2025 without reporting it to ...

This present interest must exist in order for the annual gift tax exclusion to apply. That's why it's so important that a Crummey letter be sent to beneficiaries to inform them of their power to ...

As a result, the gift tax only applies to transfers that exceed two fairly high caps. The first cap is called the annual exclusion. This is the amount of money that you can give away every year ...

Tax season isn’t the most joyful time of year, but it’s certainly one of the most important. With the filing deadline ...

“One of the best ways to cut the amount of tax you have to pay is to make gifts during your lifetime,” says Sarah Coles, head ...

As it stands, you can give away a total of £3,000 worth of gifts each tax year without them being added to the value of your ...