“Estate Measure Creates Window to Give Children Up To $10 Million Tax-Free”
Bloomberg News, December 14, 2010
James Cundiff pointed out that the tax agreement between President Obama and Congressional Republicans would enable families to substantially increase the tax-free gifts they can make to their children or others. “You could transfer $10 million next year without paying any tax,” Mr. Cundiff said. “That’s a big tax-free gift. This benefit evaporates in two years, so take it while you can.” He added that parents who are concerned about making such large gifts directly to children may use trusts to give the money to descendants.