Quote:
Originally Posted by fintstone
$18,000 per year per person is the limit for a gift tax exemption. He can give each of you and your spouses up to $18K per year (total of $36K) without taxes or impacting the lifetime exemption. Anything more is not taxable until the sum exceeds the $13.61 million lifetime exemption, but he will need to file the IRS From 709 to claim the lifetime exemption.
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So as long as he fills out that form and it doesn’t exceed the lifetime amount, it’s still considered a gift and no taxes apply?
Quote:
Originally Posted by Ralph3.
Find an attorney that specializes in estate planning. Well worth the cost.
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We have an estate attorney for the trust, but early withdrawal is out of his wheelhouse.