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What are lifetime gifts and do they reduce my estate tax exemption from the IRS?

April 26, 2017estate tax gifts IRS lifetime reduce

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What are lifetime gifts and do they reduce my estate tax exemption from the IRS?

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You are allowed to give $12,000 each year to each of your children. If you exceed this amount, all of the money is subtracted from your estate tax exemption. If you stay under this amount, the gifts are not counted against the estate tax exemption.