Gifts for the People – Proposed Drastic Changes to Federal Gift Tax Law
By EsqSocial Corporation 15/04/21
Let the taxpayer beware: the recently proposed “For the 99.5 Percent Act” introduced by Senators Bernie Sanders and Sheldon Whitehouse would radically limit the ability of parents or grandparents to make annual exclusion gifts for their families. Under present law, $15,000 per donee is excluded from taxable gifts. Gifts that are excluded do not count toward an individual’s lifetime exemption from gift or estate taxes. Gifts of $15,000 may be made to any one or more recipients, and married...
By: Ulmer & Berne LLP