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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op,

How much money do you have?
$14m? Then you have enough to talk to an estate attorney. [/quote]

Actually if it's a couple and they have 2 children, they can each gift up to $13 million to each child before triggering gift/estate taxes. So it would take $52 million to be relevant.

A few states do have estate taxes, though.[/quote]

Nice try, but you cannot gift $13m to EACH kid.

You are thinking about the yearly gift allowance.  Where you can gift $18K to each family member (or anyone) and each spouse can do it. So if you have 2 kids, each are married, then you can gift $36K to each kid and $36K to their spouses. ($144K),  And the same $36K to each grandkid

That is what we do already.  Simple way to spend down while alive, and let the kids/grandkids use it when it matters most (20/30s for kids and the GK from birth onwards---knowing their 529s will be fully funded for $90K college currently)
[/quote]

PP was correct, except the unified estate/gift exemption amount is $13.61 million in 2024, to be precise. You can gift that much to your children now (per spouse per child). All it would trigger is a filing reporting the gift (no tax) and that amount would be credited to your estate at death. Anything else that you give or bequeath upon death over that amount would be taxed.

It's actually a smart thing to do if you think the exemption amount is going to go down in the future. In the past, the IRS has grandfathered gifts from estates that were under the exemption amount when they were given, even if the exemption amount has subsequently gone down.

But I encourage you to get good legal advice before you do anything. The people who are most confident are usually wrong. [/quote]

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