How can I remove assets from my estate without being subject to estate or gift taxes?
Individuals have certain gift tax and estate tax exemptions that apply. For example, each individual has a fourteen thousand dollar annual exclusion in terms of gifting per person per year. If you’re married, you and a spouse can transfer twenty-eight thousand dollars to any individual that you choose. You, also, have a lifetime gift tax exemption adjusted for inflation, which is currently about five and a have million dollars. Anything not used during lifetime can be used at death.