What is the impact of gift tax on my estate?
An example of an AI chatbot conversation about the effects of gift tax on estate planning.
What is the impact of gift tax on my estate?
The gift tax can reduce the value of your estate, as gifts made during your lifetime are included in your taxable estate.
Are there any exemptions or limits I should be aware of?
Yes, there are annual exclusion limits for gifts, which can change each year. For 2023, it's $17,000 per recipient.
How does this affect my heirs?
If you exceed the gift tax exemption, your heirs may face a larger estate tax liability, impacting their inheritance.
Can I give away my assets before I die to avoid taxes?
While gifting can reduce your estate size, it may trigger gift taxes if above the exemption limits. It's best to consult a tax advisor.
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