ThomasM125
Expert Alumni

Retirement tax questions

You are an allowed and annual gift exclusion of $15,000 per year for each child, or $30,000 between you and your spouse. If the cash surrender value of the policy is more than that, you would have to file a gift tax return. However, you are allowed a $11.58 million lifetime exclusion for gits, so you probably won't face any tax consequences for the gifts.

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