Actually, I was wrong…. The annual gift tax exclusion is $15k per person, $30k joint. So the actual amount that needs to count against the lifetime gift tax exclusion would be $50k-30k=$20k
Not the entire $50k…
Giving large gifts is a good thing while the gift tax limits are so high. God forbid if a progressive socialist like Warren/Harris/AOC/Bernie were to actually win, they would do anything to try to reduce it… So give while your gift exclusions are large so that IF that day of reckoning happens you won’t have a large tax bill. But then again, the idea of a progressive socialist actually winning are probably very low. There are awesome democrats like Pelosi that are filthy rich that have no interest in the socialist progressive agenda… Hence, my thesis that eventually the Democrat party will splinter off into pieces.
Contrary to some opinions, I actually a like a lot of moderate sensible democrats.
