you owe Nothing, the exemption is in the Milliions
“you owe Nothing, the exemption is in the Milliions”
He has other liabilities he want to shelter from.
LM doesn’t want the IRS taking the inheritance to pay off his existing tax bills.
This.
“you owe Nothing, the exemption is in the Milliions”
For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual can leave $5.6 million to heirs and pay no federal estate or gift tax.
A married couple will be able to shield north of $11 million ($11.2 million) from federal estate and gift taxes. And the annual gift exclusion amount is $15,000 for 2018—up from $14,000 where it’s been stuck since 2013.
In most states I agree; however, watch out for blue states, they love OPM!