Year end gifting and the law

Published: Nov. 8, 2021 at 9:28 PM EST
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WATERTOWN, New York (WWNY) - Local attorney Marcy Robinson Dembs, a partner at Barclay Damon, appeared on 7 News at Noon on Monday to talk about year end gifting and the law.

She says you can still make gifts of $15,000 to as many people as you would like without filing a gift tax return.

However, this year, there is talk about the federal government changing the amount you can give away over your lifetime from over $11 million, to less than half that.

So, if big gifts are anticipated, such as moving a business to the younger generation, or gifting valuable real estate, Robinson Dembs urges people to give careful consideration to making the transfers before the end of the year.

You can watch her full interview above.

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