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Jan 20, 2021 at 16:48 comment added sharur Not that that the 11.2 million dollars limit is the "lifetime gift exception" which can be eroded over time. E.g. If your parents gifted you a new car, a college education (excluding via some special savings accounts), wedding payments, heirloom jewelry, etc. outside of their will (e.g. before they died) this amount may be reduced. It also includes things such a real estate, family businesses, franchise businesses, investment portfolios, and potentially life insurance payouts (if one's estate is the beneficiary).
Apr 11, 2018 at 17:12 history edited Denis de Bernardy CC BY-SA 3.0
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Apr 11, 2018 at 17:06 history answered Denis de Bernardy CC BY-SA 3.0