Dr. Friday explains the rules for tax-free gifting, allowing up to $18,000 per person annually. She highlights how this strategy can reduce estate size and benefit recipients without tax implications. Use these tips to simplify estate planning and ensure compliance with IRS regulations.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Fund. To get more info, go to www.drfriday.com.
This is a one-minute moment. Maybe you’re at a point where you either inherited some money and you want to give it to other individuals, or you have a little extra money in the bank and you want to give it. So you can give $18,000 per person as a gift. The person giving the gift, again, is the person that’s paying the taxes. The person receiving the gift does not pay taxes.
I can give it to any individual. It does not have to be someone in my family. I can give it to anyone I want. If you’re married, the spouse can give $18,000. You can give $18,000. So a total of $36,000. We split any way you want. So just keep in mind, that is one way to start reducing your estate. If you need help, go to our web and set up an appointment, drfriday.com.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.