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I am confused with monetary gift giving from a trust fund that…

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I am confused with monetary...
I am confused with monetary gift giving from a trust fund that my wife and I have. I have $ 210,000 to give to my three adult children. Somebody told me that my wife and I can give a tax free amount of $ 14k tax free, amounting to $ 28k to each of our three adult kids. Somebody else told me that there is really no limit, that we can give as much as $ 50 or more to each child as tax free gift. Which idea is right?
Submitted: 2 years ago.Category: Estate Law
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7/1/2015
Estate Lawyer: Richard, Attorney replied 2 years ago
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,754
Experience: 29 years of experience practicing law, including tax and estate planning.
Verified
You can each give the $14,000 per year per doneee plus an additional cumulative total of $5,430,000 during your lifetime. Recipients of gifts are not subject to gift tax. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,430,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,430,000 in gifts over and above the $14,000 annual gift exclusion amount 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 additional gifts have exceeded the $5,430,000.
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Estate Lawyer: Richard, Attorney replied 2 years ago
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!
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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,754
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Experience: 29 years of experience practicing law, including tax and estate planning.

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