This column first appeared in the San Antonio Express-News on  September 9, 2015. Whoa. Back up a step. I know you want to avoid estate tax, but there is no $30 million estate tax limit. Historically, assets valued at over $675,000 were subjected to a 50% estate tax after the second spouse died. Starting in 2000, Congress allowed the exemption to rise, first to $1 million and eventually to $3.5 million. In 2012, the exemption was raised to $5 million, and it has since been in

Question: In one of your recent columns you said that we can give/receive a gift of up to $5 million without paying taxes. I thought the gift allowance amount was $13,000 a year. What is the difference? – GF Answer: There are two separate and distinct gift tax breaks. The “annual exclusion” is $14,000 (in 2014). Gifts in one calendar year to an individual which total at or below that amount do not need to be reported to the IRS by the giver or by the receiver. The “lifetime e

When he signed a deed putting your name on the house, what he was actually doing was giving you a separate property interest in the house.