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Updated almost 12 years ago,
Estate taxes and gifits to Children
Has anyone taken the steps to give there child assets in the form of equity in property? Would it be in my best interest to do this as I get older to get rid of my property without my son getting taxed on it? I already have over 4 mil in equity. By the time I die it could be 10 million. Does the fed estate tax start at 5 million for exemption per married person? If for example: I give away 1 million to my son over 20 years would this be against my 5 million exemption? Is it legal to give a child equity in a property as a gift which is accompanied by monthly cash flow? We are planning to move to Florida for retirement tax purposes.
Any estate planning attorneys in the house?