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Portland, OR estates & probate attorney Sara Winter talks about how much you can gift to your children each year without paying taxes. Each year, individuals are allowed to gift $18,000 per recipient, tax-free. This provision means there is no requirement to pay gift taxes, file a gift tax return, or reduce the individual’s overall lifetime exemption from gift or estate taxes. This gift limit is periodically adjusted by the federal government, making it beneficial to work with a qualified estate tax planning attorney who can provide up-to-date advice and help clients maximize these planning opportunities.
Most states do not impose gift tax laws. For instance, in Oregon, Washington, and Texas—one of the most tax-friendly states—there is no gift tax or limit on gift amounts. As a result, gift tax considerations are largely a federal matter.