Each year, you can gift a certain amount to each person tax-free. In 2022, that annual gift exclusion was $16,000 and moves up to $17,000 for 2023. Moving to a state without an inheritance tax.

An update to the IRS's portability rule will help wealthy American families save a lot of money on taxes when they leave behind inheritances to heirs. See: Ways You Can Lose Your Social Security ...

David Gorton, CPA, has 5+ years of professional experience in accounting. He teaches accounting, helping promote financial education and awareness. Lea Uradu, J.D., is a Maryland state registered ...

Amounts above that figure are subject to a 40% tax in the form of either a gift tax or estate tax, ... Tax-Free Inheritance: IRS Portability Rule Allows Transfer of Up to $12.06 Million.