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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
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Experience:  Over 20 Years experience
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ESTATE-TRUST-TAX ATTORNEY - I have an estate of approximately

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ESTATE-TRUST-TAX ATTORNEY - I have an estate of approximately $2,000,000, and wish to give a son about half. I know of the $14,000 annual gifts, but if I wish to give the lump sum. Is that tax free, since I'm still under the $5,250,000 lifetime exemption? THANKS

R. Klein, EA :

Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.

R. Klein, EA :

In addition to the annual gift tax exemption; there is also the lifetime exemption as you noted.

R. Klein, EA :

You will need to file a gift tax return, but the amount of 1MM would be exempt from tax.

R. Klein, EA :

So you are good to go!

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