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.
Instructions. Give out portions of your estate each year to your heirs. You can legally give up to $13,000 to each of your heirs per year without having to pay tax. If you give any one person more than $13,000 in a year, you must pay gift taxes on it.he IRS does not tax these types of gifts regardless of the amount of the gift. Invest in life insurance. Many life insurance policies will cover any estate taxes so that your heirs will not have to pay them after you die.