Alright, this is John McGuire at the McGuire Law Firm. In this video, I will talk a little bit about the annual gift tax exclusion. The annual gift exclusion is an amount whereby an individual can gift up to that amount without incurring any gift tax liabilities. Basically, there is no gift tax associated with the gift, and it does not reduce the individual's lifetime gift exclusion. You can give this amount to anyone you'd like, such as your children, nieces, nephews, friends, and so forth. There are also other ways to gift without incurring any gift tax or reducing your lifetime exclusion. For example, if you directly pay for someone's education or medical expenses, it does not impact your lifetime gift exclusion or create any immediate gift tax issues. If you have any questions regarding gifting, please feel free to give our firm a call. We would welcome the opportunity to meet with you. Thank you very much.
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Video instructions and help with filling out and completing Will Form 3520 Charities
