What is the maximum annual gift for 2018 under federal tax law?  For 2018, the annual gift tax exclusion is $15,000.  A husband and wife can give up to twice the annual $15,000 gift tax exclusion amount, or $30,000, to as many individuals as they wish in 2018 without any gift tax being due.  Additionally, certain direct payments of tuition and medical expenses can be made in unlimited amounts without gift tax consequences.  This offers a great opportunity for parents and grandparents to share the wealth with their children and grandchildren and enjoy seeing the results.  An additional benefit may be reduced estate taxes at death.

If you regularly make annual gift tax exclusion gifts to family members, or think you may want to start, consider leveraging your gifting with an irrevocable trust.  Call the Atlanta law firm of Hindson & Melton LLC for more information about annual gifting, irrevocable trusts, and other estate planning ideas to benefit your family.  And have a great 2018!

© Karen S. Hindson, Hindson & Melton LLC