Now open: Africaâs first underwater hotel room. Okay, hotel room might be a slight understatement, as this place is more like a three-story private island: Catch rays on the top deckâs cushy daybed, chill out in the dining/ living area on the water deck, and sleep with the fishes. Depth: 13ft.
That means that in 2016 you can bequeath up to $5 million dollars to friends or relatives and an additional $5 million to your spouse tax-free. In 2017, the federal gift tax and estate tax will be combined for a total exclusion of $5 million. If you give away money, that will lower your lifetime taxable estate. Gifts that exceed the yearly exclusion also lower your overall estate tax exemption. Based on the example above, the same gifts would lower your lifetime estate tax exemption by $24,000. Gifts under $13,000 do not affect your estate tax exemption.
Under current law (for deaths in 2015), each of us can give away or leave up to $5.43 million without owing federal gift and estate tax. So, for example, if during your life you give your children your house, worth $1 million, plus another $4 million in stocks and bonds, no federal gift tax will be due.nder current law (for deaths in 2015), each of us can give away or leave up to $5.43 million without owing federal gift and estate tax. So, for example, if during your life you give your children your house, worth $1 million, plus another $4 million in stocks and bonds, no federal gift tax will be due.