Is your estate plan optimized for passing on wealth efficiently to the people you care most about in your life? Are you maximizing gifting rules in 2022 to avoid gift tax? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to https://www.safeguardinvest.com/contact.

Gifting is a fantastic way to pass on wealth tax-free to individuals you care deeply about in your life.

But many retirees gift far less than they can because of confusion around gift exemptions and gift taxes.

In 2022 the annual gift limit is $16,000 per person. Many retirees mistakingly think that once you go over this limit, you now owe a gift tax.

This is not the case at all. First, by strategically gifting to individuals, you can expand your gift exemption because the $16,000 limit is per person from the gifter and per person to the recipient. This means a couple can gift to another couple as much as $64,000 in a given year.

But even beyond that, you can still pass on larger tax free gifts.

How?

By using your lifetime gift tax exemption. We cover exactly what this is in today's video.

Here are the timestamps:
0:00 Introduction
0:32 What is a Gift?
0:56 What is the Gift Limit in 2022?
1:40 Are Gifts Tax Deductible?
2:06 An Example of the Gift Limit
2:38 How to Gift More Using the Gift Limit
3:21 What if You Gift More than the Gift Limit?
3:40 How Gift Taxes Work
4:47 The Lifetime Gift Tax Exclusion
5:59 IRS Form 709

#TaxFree #EstatePlanning #RetirementPlanning

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