While I am living I want to provide inheritance from my estate.
1.What are limits to amount.
2.What federal form to file.
3.If federal limits change before my death how would they effect the maximum amount already given. Example :Maximum amt already given before death but law changed to lower amt .before death,would addn tax apply?
You can give up to $16,000 each year to one individual without being required to file a federal gift tax return.
If you give more than $16,000 in any one tax year to one individual, you will have to file Form 709.
See https://www.irs.gov/instructions/i709#en_US_2021_publink16784xd0e314
Currently, the lifetime exemption is $12 million.
See https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
In the event the current lifetime exemption is reduced, then the lifetime exemption on the date of death will be applicable.
You can give up to $16,000 each year to one individual without being required to file a federal gift tax return.
If you give more than $16,000 in any one tax year to one individual, you will have to file Form 709.
See https://www.irs.gov/instructions/i709#en_US_2021_publink16784xd0e314
Currently, the lifetime exemption is $12 million.
See https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
In the event the current lifetime exemption is reduced, then the lifetime exemption on the date of death will be applicable.