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If the husband and wife are both living and one child (for example), the husband can gift ,000 to the child and the wife can gift ,000 to the same child and not affect your lifetime income limit.One other important point regarding gift splitting is that for it to work, each spouse must consent to splitting of the gift.he holiday season is already behind us but that doesn't mean you still can't give the perfect gift.In the financial world, the term gift has a whole new meaning as it pertains to estate planning.This is done with the appropriate form which I'll discuss next.Another question that I get is: what paperwork do you have to file with the IRS if you do gift?Team Composition Research each team member, look relevant experience and visit their Linked In profiles. Stage of the project and VC investments Which stage is the project in? Learn More Here: How to Choose a Good ICO This website is for information and illustrative purposes only.It is not, and should not be regarded as "investment advice" or as a "recommendation" regarding a course of action, including without limitation as those terms are used in any applicable law or regulation.
Another important point is the capabilities of gift splitting.
This exclusion allows you to gift up to ,000 during a calendar year – without counting against that million lifetime limit.
Currently, the figure remains the same now for 2015 and there is every indication that this exclusion will remain the same for the foreseeable future.
Those gifts that exceed the yearly exclusion will lower your estate tax exemption.
The point here is that if you make annual gifts that fall within the constraints of the exclusion, you can actually reduce your taxable estate without suffering negative repercussions.