If you want to make a gift to family members but have exceeded the annual gifting limit, there is another way. Payments for a family member’s education or health care expenses are exempt from the gift tax.
A new administration usually means that tax code changes are coming. While it remains unclear exactly what tax changes the Biden administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.
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