Give Tax-Free Money to Your Children

Give Tax-Free Money to Your Children
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Anne Johnson
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You’re doing well financially and want to share the wealth with your kids, or maybe your children are struggling and you want to help them. Either way, you want to give them money without Uncle Sam taking his piece.

But how can you gift money to your children and grandchildren without the tax burden? There are ways to avoid taxes. But you first must know how the taxes and exclusions work.

How Taxes and Exclusions Work

First, it’s essential to know that the tax liability incurred when giving a monetary gift is on the donor, not the recipient.
Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property & casualty insurance agent for nine years. She was also licensed in health and life insurance. Anne went on to own an advertising agency where she worked with businesses. She has been writing about personal finance for ten years.
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