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To embed, copy and paste the code into your website or blog: Let the taxpayer beware: the recently proposed “For the 99.5 Percent Act” introduced by Senators Bernie Sanders and Sheldon Whitehouse would radically limit the ability of parents or grandparents to make annual exclusion gifts for their families. Under present law, $15,000 per donee is excluded from taxable gifts. Gifts that are excluded do not count toward an individual’s lifetime exemption from gift or estate taxes. Gifts of $15,000 may be made to any one or more recipients, and married couples can effectively gift $30,000 to any person through the concept of gift splitting. For instance, a married couple with eight children could give $30,000 to each of their children in a single year transferring $240,000 of their estate without gift or estate tax implications.

United statesSheldon whitehouseBernie sandersSenators bernie sandersStates giftSkipping transferஒன்றுபட்டது மாநிலங்களில்ஷெல்டன் வெள்ளை மாளிகைபெர்னி சாண்டர்ஸ்செனட்டர்கள் பெர்னி சாண்டர்ஸ்மாநிலங்களில் பரிசு