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Good afternoon. There is only estate tax due on assets owned by a person at death. If an asset is given prior to death, then that asset is not subject to any estate or inheritance tax because it was not owned by the decedent at death. Assets gifted during life are governed by gift tax law. The recipient is not subject to gift tax. And, from the donor's perspective, there should also be no gift tax consequences. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, each person has a $5,120,000 lifetime exemption
....which means a person can give a cumulative amount of up to $5,120,000 in gifts without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative gifts have exceeded the $5,120,000.
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