I am planning on giving a gift of cash to a family member that exceeds the annual amount of $30k for MFJ. If my reading of the info on IRS Form 704 for Gift Tax, while I will need to claim the amount over the $30k on that form, i will not be required to pay a tax on it. Instead I can elect to have that be counted against my lifetime estate tax of $11.58 million.
Is that an accurate understanding?
thank you.
