Marcy Robinson Dembs, partner, was interviewed by WWNY 7 News’ Diane Rutherford about year-end gifting and the possible changes to the law.
Marcy said, “Some rules are the same. We can rely on them.” One of these rules is that people can give $15,000 to as many people they want every year without having to file a gift tax return.
However, there are some rules we can’t rely on. Marcy explained, “What we can’t rely on is the planning for decedents or big gifts, like if you’re giving away a farm or a business or valuable real estate, because the amount you can leave to anyone or give during your lifetime, right now, is a lot. It’s $11 million. But the federal government is talking about reducing that by more than half.”
Click here to watch Marcy’s full interview.