As the article explains, you can give up to $14,000 a year to any one individual without triggering the gift tax. You can also give up to $5.43 million in total gifts during your lifetime.
For married couples those numbers are doubled.
It is important to note that more can be given to pay tuition or medical expenses. Gifts for those purposes are always tax-free.
If you need to give more than that to a child, you might be able to if your child is married. You can give $14,000 to your child and up to another $14,000 to your child’s spouse.
If you have other questions about the gift tax or want to know how making gifts can be integrated into your estate plan, speak with an estate planning attorney.
