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from About.com Money

The 2016 Gift Tax Exclusion -- How Much Can You Give This Year?

See How the Gift Tax Annual Exclusion Has Changed from 1997 to 2015

"Gift" is the painting's title For the past couple of years the annual gift tax exclusion amount was $13,000. This meant that a person ...

from Forbes

IRS Announces 2015 Estate And Gift Tax Limits

IRS Announces 2015 Estate And Gift Tax Limits: The federal estate tax exemption rises to $5.43 million per person for 2015, but the annual gift exclusion amount stays at $14,000.

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If you are concerned about owing back taxes from all of those birthday gifts that you have given over the years, we have some good news for you. There are some gift tax exclusions that you can utilize to give tax-free gifts. One of them is the annual gift tax exclusion. Each calendar year, you can [ ] The post Free Report: What are the Gift Tax Exclusions appeared first on Vermillion Law Firm LLC.

from About.com Money

Important Facts About Inheriting a Payable on Death (POD) Account

Payable on death accounts, known as POD accounts for short, are a popular way to avoid probate in the U.S. Learn about all of the tax and other consequences of inheriting a POD account here.

To avoid the estate tax, you may naturally consider lifetime gift giving. This was something that people used to do shortly after the estate tax was enacted in 1916, but we have had a gift tax in place continuously since 1932, so this loophole is long closed. The gift tax and the estate tax are unified, so the exclusion applies to lifetime gifts along with the estate that will be passed on after you are gone. The estate tax is only applicable on