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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]the first about $12,000,000 passes without tax consequences. In laws must be loaded; in any event, they're poorly advised. [/quote] They’re not avoiding taxes by giving you the money. But according to IRS, the gift needs to be reported and counts against the estate’s $12M exclusion. [/quote] Nope. You can give the annual amount each year to each person. That does not need to be reported. [b]Honestly, what they are doing is the most basic of estate planning. [/b][/quote] Virtually any estate lawyer or CPA would recommend you do this yearly.[/quote]
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