Wealth Obsession: A Path to Trouble and Turmoil

In the United States, there is a federal gift tax that applies to gifts made by an individual to others during their lifetime. However, there is a generous exemption amount that allows you to give away certain gifts without incurring gift taxes. In 2021, the exemption amount is $15,000 per person per year.

In your case, you want to give your daughter and her husband a combined $50,000. Since the exemption amount is $15,000, you would be gifting $35,000 over the exemption limit. However, you and your spouse can each gift up to $15,000 to your daughter and her husband without incurring gift taxes. This means that you can split the gift between you and your spouse, gifting $15,000 each, and stay within the exemption limit.

It is essential to note that this exemption is a lifetime limit, and any gifts exceeding this limit will be subtracted from your lifetime exemption amount, which is currently set at $11.7 million per individual. If you've already used a portion of this exemption, you may need to consider the gift tax implications.

To ensure you're following the rules correctly, it's advisable to consult a tax professional or an attorney experienced in estate planning and tax law. They can provide you with personalized advice and help you navigate the complexities of gift taxes and estate planning.

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