How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask R. Klein, EA Your Own Question
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3375
Experience:  Over 20 Years experience
Type Your Tax Question Here...
R. Klein, EA is online now
A new question is answered every 9 seconds

ESTATE-TRUST-TAX ATTORNEY - I have an estate of approximately

This answer was rated:

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!

R. Klein, EA and 6 other Tax Specialists are ready to help you

Related Tax Questions