After reading an estate planning article, Vaughn has decided to take action to reduce his gross estate by making annual gifts to his four children, eight grandchildren, and four great-grandchildren. Vaughn has discussed the gifting strategy with his wife, Rebecca and she has agreed to split each gift. If Vaughn gifts the maximum amount each year without incurring gift taxes, how much can he gift this year? Must a gift tax return be filed?
After reading an estate planning article, Vaughn has decided to take action to reduce his gross estate by making annual gifts to his four children, eight grandchildren, and four great-grandchildren. Vaughn has discussed the gifting strategy with his wife, Rebecca and she has agreed to split each gift. If Vaughn gifts the maximum amount each year without incurring gift taxes, how much can he gift this year? Must a gift tax return be filed?
Celeste and Raymond have bene married for 29 years. Last year, Raymond sold his business and his net worth now exceeds $30 million. Celeste and Raymond have twin daughter, Kelly and Shelly. Celeste and Raymond, neither of whom have given any gifts in the past, would like to give their daughters the maximum amount of cash possible without incurring any gift tax liability. How much can Celeste and Raymond give to Kelly and Shelly this year?
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