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Thumb of Michigan | I'll take a stab at it:
For 2026 the annual gift tax exclusion amount is $19,000 (the same as 2025 was). per person PER year. What this means is that Dad can give $19K to all three sons as an example. If wife agrees, they can make it a joint gift of $38K (two times $19K). Now if all three sons are married, then mom & dad can give the each of the spouses $38K too.
Total gift if all 3 kids are married and mom & dad utilize the annual joint gift exclusion, is $76K. Which doesn't quite get you to your goal. If you noticed I mentioned ANNUAL, this means you have this exclusion amount every year. So, with that said, you could gift forementioned amount on December 31st or days before and then give them the remainder on January 1st. Using two different tax years for gifts.
OR
You could do the joint gift to each married kid ($76K or $38K if single) and have your accountant complete IRS Form 706, that would use up part of your unified credit amount, which is $15 million per person now. You would 'owe' no taxes, but your (if you gave the $76K amount) UC be reduced by $34K, times three, leaving you with ONLY $13,898.000 (with all three kids/spouses getting $76K in gifts).
IMHO you don't need to talk to an insurance agent but a CPA whom does or is versed (has completed at least one Form 706) with gift taxes and estate taxes. You would be surprised on how many accountants/CPAs have never heard of a Form 706, let alone completed one for a client.
HTH | |
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Selling a piece of land,then giving proceeds to adult children,,,
