![]() ![]() Have you reviewed your retirement and life insurance beneficiaries? There are exceptions to this rule, and a financial professional can help you learn how it could impact your financial strategy. Any gifts above that amount must be reported to the IRS on your 2024 tax return (form 709). In 2023, the annual gift tax exclusion (or gift tax limit) is $17,000 per recipient without having to pay taxes on those gifts. Upon the death of the second spouse, the children inherit everything.Ģ.
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