Gifting Money to Children Without Paying Tax (Annual Gift Tax Exclusion 2023)

Many folks want to give money to their children and grandchildren as an early inheritance but are not sure if this will cause a problem or taxes.

Today we are going to discuss:

- How the estate tax exclusion works
- How much you can give to a person while avoiding taxes
- Ways to give to multiple family members in one year

❓HOW MUCH DO I NEED TO RETIRE? ❓
Get your free RETIREMENT READINESS REPORT to find out!

✍ Show notes & resources:

✅ Learn about how we help people through retirement:

☎️ Free initial call:

👉 Gain access to our exclusive client memo

🛡 Download our complimentary retirement guide

This does not constitute an investment recommendation. Investing involves risk. Past performance is no guarantee of future results. Consult your financial advisor for what is appropriate for you.

0:00 - Intro
0:24 - How the estate tax exclusion works
1:02 - Lifetime estate and gift tax exclusion amount
2:14 - Giving without utilizing lifetime estate and tax exclusion amount
2:33 - Annual gift tax exclusion example
3:27 - Tax form 709 if gift is over annual gift exclusion
3:36 - Gifting alternatives to cash
3:49 - Gifting with a financial plan
4:22 - Link to video: How to address the endless pursuit of money
4:30 - Outro

[mrbigcat]

Can give a gift the the same persons every for the next 20 years if I stay below the maximum for each year?

[Agapy]

A divorced mom. How much money can she gift her two adult children

[rowdy]

Worthless, get cash and just give it and don't say anything.

[dttnuvr]

Does it have to be only to your children? I'm not married with no children, I'm about to sell a land lot that's in my personal name. I would like to give $17k or more if possible to my boyfriend to help pay down debt out of the proceeds would that be ok & not taxed?

[sbuitdl]

Can I have $6000 as a gift to daughter and deduct from my taxes