The recent tax law change permanently increased the federal estate and gift tax exemption to $15 million per person for 2026 and later. This means you can give away while alive and/or bequeath at death this amount of money or property free of federal estate and gift tax. If you’re married, you and your spouse each get a $15 million exemption. Thus, for a married couple, your combined estate and gift tax exemption is $30 million for 2026 (it’s adjusted for inflation each year)

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...