Under 2022 IRS limits, individuals can give up to $12.06 million tax-free to their children or other nonspousal beneficiaries during their lifetime or after their death. Individuals can transfer any unused portion of that limit to a surviving spouse under what’s known as the “portability rule,” but until recently, they only had two years to request that transfer.
Click here to read the article.
This communication is for informational purposes only. No content or reference to a third-party article is intended to be a recommendation for the sale or investment in any product, strategy or service nor should it be perceived as individual advice. This commentary does not necessarily reflect the opinions of all employees or XML Financial Group and its affiliates (“XML”). XML is not responsible for any actions taken related to this information.