There is never a bad time to want to give. The reasons for giving are varied, but we are blessed to help our clients give strategically so that our client’s gift can help establish and continue their legacy. This series of gift giving will go over six ways of giving. The first one being: One Time, Direct to Individuals :
You can give one-time, direct gifts to individuals. The IRS Code limits the gifts one person can give to another person to: $14,000.00 per year; or, an unlimited amount directly to a medical facility for another person’s medical expenses; or, an unlimited amount directly to an accredited education institution for another person’s education expenses. Unfortunately, funding a 529 Plan or Education Savings account does not qualify for the education gifting exemption. This means that you may gift up to $14,000 to one other person, but also help them by directly paying for medical or educational expenses. If you are married, you may each give the cash amount so that you can gift $28,000.00.