The donors, not the recipients, file gift tax returns. If you give money or property, you may be legally required to file a gift tax return with the IRS, even if you owe no gift tax. In fact, most people who file gift tax returns do not pay any gift tax because each individual has a generous lifetime gift tax exemption of $13.99 million (for 2025). Married couples can effectively double this amount by combining their exemptions. Even when no tax is due, you must file a gift t

You need an estate plan, regardless of whether or not you are among the ultra-rich. As recent news has shown, even those who have won the...