Estate Planning

8.5 Other Lifetime Gifts

A well-planned program of lifetime gifts to family and friends can save estate and gift taxes, preserve more of your assets for your family and other heirs, and ensure your property goes to the people you want to have it.

Each year, you can give any number of people up to $10,000 each in assets ($20,000 if your spouse joins in the gift) without triggering any gift or estate tax consequences. Making gifts of appreciating property to family members now may significantly reduce the amount of assets subject to estate tax later.