Each year, taxpayers have the opportunity to transfer assets free of gift taxes to their family members or other individuals by using their annual exclusions from the federal gift tax. As long as the gifts remain within the annual exclusion amounts, the value of the assets gifted will not reduce any remaining portion of a taxpayer's exemption from federal gift and estate tax.
Trusts & Estates
A Primer on Annual Exclusion From Federal Gift Tax
The Legal Intelligencer
January 4, 2013
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