What is the impact of gifts on inheritance tax?
An example of an AI chatbot conversation about gifts and their effect on inheritance tax.
What is the impact of gifts on inheritance tax?
Gifts can significantly affect inheritance tax. If you give away assets, they may reduce the value of your estate.
Are there any exemptions for gifts?
Yes, there are exemptions such as the annual gift tax exclusion, which allows you to give a certain amount each year without tax.
What happens if I exceed the exemption limit?
If you exceed the exemption limit, the excess amount may be subject to gift tax, and it could also affect your estate's tax liability.
How can I plan my gifts to minimize tax?
Consider strategies like gifting within the exemption limits, using trusts, or making charitable donations to reduce your taxable estate.
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