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Gifting

Under current law, spouses have the right to make unlimited gifts between them during their lifetimes without incurring gift taxes. Additionally, a person can make a gift of $14,000 to as many different people as he or she wishes each year without having to pay gift taxes. However, if a gift worth more than $14,000 is given to someone other than a spouse, the person giving the gift will need to discuss the tax ramifications of that gift with their CPA.

Charitable gifts can be made in unlimited amounts, as can gifts for tuition and medical expenses if they are given directly to the institution providing the education or medical care.