2014 Inflation Adjustments – You May Gift $14,000 Tax-Free (Grandma, are you reading this?)

By
May 6, 2014

The Internal Revenue Service announced in October 2013 the annual inflation adjustments for a variety of tax provisions including tax rates, standard deductions, limitations for itemized deductions, and exclusion amounts. Fortunately for children and grandchildren alike, a taxpayer may gift $14,000.00 per year per person without paying any taxes. Accordingly, a married couple with three children could gift each child $28,000.00 thereby reducing their estate by $84,000.00 without paying a dime in tax. Tax-free gifting is a great way to reduce your estate to ensure it is below taxable thresholds upon your passing. Please contact your favorite Ruder Ware estate planning attorney to learn more about tax-free and tax-deferred estate planning techniques.

Back to all News & Insights

Disclaimer

The content in the following blog posts is based upon the state of the law at the time of its original publication. As legal developments change quickly, the content in these blog posts may not remain accurate as laws change over time. None of the information contained in these publications is intended as legal advice or opinion relative to specific matters, facts, situations, or issues. You should not act upon the information in these blog posts without discussing your specific situation with legal counsel.

© 2024 Ruder Ware, L.L.S.C. Accurate reproduction with acknowledgment granted. All rights reserved.