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Pennsylvania Estate Planning, Trust, and Probate Frequently Asked Questions (FAQs)

Q: How much can I give every year to my children and grandchildren without having to file a gift tax return?

A: Currently the annual gift tax exclusion (for 2009) is $13,000.00 oer person.  A husband and wife can therefore gift $26,000.00 per child and grandchild.  This gift is not tax deductible to you but is also not taxable for income tax purposes to the recipient.  If your gift is at or below this amount, no return is required. For gifts above that amount, a gift tax return may be required but each person also has a $1,000,000.00 million dollar lifetime exemption before they must begin to pay tax.  For more information from the Wall Street Journal click here.

For more info from David M. Frees, III

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