“10 Tips for Downsizers with Too Much Stuff”
Forbes.com, May 19, 2011
Carol Harrington advised Baby Boomers looking to reduce the personal assets they hold to give them as gifts of cash, stocks or valuables. “You can give away a lot of stuff, keep it in the family, and there are no tax costs,” she noted, provided that the annual value of such gifts does not exceed $13,000. However, she added that once gifts exceed that limit the donor must file a federal gift tax return and the tax amount counts against the donor’s lifetime gift tax exemption.