What About Gifting Money?
Gifting During Your Life
A lifetime gifting program allows you to avoid gift, estate and generation-skipping transfer tax on transferred assets.
Under the Internal Revenue, Code, you can transfer up to $14,000 per year, per person, to anyone without incurring gift tax or generation-skipping transfer tax. A married couple can give twice that amount, or $28,000 per person, per year.
With a lifetime giving program, you transfer this amount annually to the individuals of your choice, typically children, grandchildren and other close family members.