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Law Offices of James C. Bechler, A.P.C. | James Bechler
You can give approximately $1,000,000 over life time AND approximately $13,000 annually per person (receiving) without tax. the law is about to change is January 2011. Consult your CPA for further information.
Answer Applies to: California
Replied: 8/5/2010
E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
Dear Sir or Madame:
Unfortunately, your question is too vague for me to provide you with any direct answers. I will try to give you some brief information that may be of assistance. In 2009, the IRS allowed you to give up to $13,000 to any number of people without facing any gift taxes and without the recipient owing any income tax on the gifts. However, estate tax is different. Your estate is the total value of all of your assets, less any debts, at the time you die. Under the laws in effect for the tax year 2009, if you die with an estate greater than $3.5 million, the amount of your estate that is over $3.5 million will be subject to a graduated estate tax that climbs as high as 45%. That $3.5 million is an exclusion, meaning that the first $3.5 million of your estate does not get taxed. The estate tax exclusion is set to expire in 2010, meaning that there will be no estate tax in 2010. It will
then reappear in 2011 with a $1 million exclusion, unless Congress changes it.
If you would like additional information, please feel free to call our firm.
Unfortunately, your question is too vague for me to provide you with any direct answers. I will try to give you some brief information that may be of assistance. In 2009, the IRS allowed you to give up to $13,000 to any number of people without facing any gift taxes and without the recipient owing any income tax on the gifts. However, estate tax is different. Your estate is the total value of all of your assets, less any debts, at the time you die. Under the laws in effect for the tax year 2009, if you die with an estate greater than $3.5 million, the amount of your estate that is over $3.5 million will be subject to a graduated estate tax that climbs as high as 45%. That $3.5 million is an exclusion, meaning that the first $3.5 million of your estate does not get taxed. The estate tax exclusion is set to expire in 2010, meaning that there will be no estate tax in 2010. It will
then reappear in 2011 with a $1 million exclusion, unless Congress changes it.
If you would like additional information, please feel free to call our firm.
Answer Applies to: Ohio
Replied: 8/5/2010
