There can be some confusion with regard to taxes on asset transfers. Some people are under the impression that an inheritance tax and an estate tax are one and the same thing. This is not the case. … [Read more...] about Will My Heirs Be Forced to Pay an Inheritance Tax?
You may be surprised to hear that the gifts that you give are technically taxable. The reason why you are not faced with a tax bill every time that you give someone a birthday gift is because there are exclusions. Let's take a look at these gift tax exclusions. … [Read more...] about Can I Give Tax-Free Gifts to My Children?
There is a gift tax at the federal level. Yes, this means that gifts you give to others are potentially taxable. However, most people never pay the tax because of the existence of the annual gift tax exclusion. What Is It? The annual gift tax exclusion allows you to give as much as $14,000 to any number of people each calendar year free of the gift tax. Generally, if you never make a gift to anyone within a calendar year that exceeds the amount of the annual per person gift tax exclusion, … [Read more...] about What Is the Annual Gift Tax Exclusion?