Unreported Gifts to Family Members: A Trap for the Unwary

Dear Clients, Colleagues, and Friends, As we have noted in our previous Client Alerts, the current law provides unprecedented gift tax planning opportunities. Until the end of this year, the gift tax exclusion (which is cumulative over one’s lifetime) is $5,120,0000. In addition, the law allows each person to make annual gifts of up to $13,000 to any donee without reporting the gift to the IRS. To this end, during our planning meetings to review the gift tax planning opportunities […]

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