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Robin Lloyd & Associates, P.A.Robin Lloyd & Associates, P.A.
Robin Lloyd & Associates, P.A.Robin Lloyd & Associates, P.A.
  • Our Firm
  • Areas of Practice
    • Estate Planning
    • Probate & Trust Administration
    • Private Client Services
    • Corporate & Business Administration
    • Real Estate Services
  • Attorneys & Paralegals
    • Robin A. Lloyd, Sr., J.D.
    • Emily Helmick, Esq.
    • Brenda Lloyd, CP, FRP
    • Tiffany Coleman
  • News
  • Community
  • Contact

Remember your Gift Tax Returns

Remember your Gift Tax Returns

January 31, 2022 Posted by RLA Estate Planning Law, Tips

If you have made considerable gifts to individuals, be sure to remember to file your gift tax returns. The IRS requires gift tax returns for gifts over $15,000 ( or $30,000 if married) to any individual, for the year that the gift was made. This rule also applies to gifts you have split with your spouse, and gifts of future interest. The lifetime estate and gift tax exemption amount is currently $12.06 million.  Just because you file a gift tax return does not mean you will pay gift tax. You will need to file a gift tax return if you’ve made a substantial gift, even if you  haven’t met the exemption limits. There are additional circumstances for which gift tax returns are not required. Speak with your attorney for further guidance on gifting and gift tax returns.

-Emily A. Helmick, Esq.

Tags: Attorneysestate planningestate taxFloridaGiftsindian river countyRobin Lloyd & AssociatesTuesday TipsVero BeachWealth Management
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Robin Lloyd & Associates, P.A. is an established firm handling the legal needs of Vero Beach since July of 1990. Robin A. Lloyd, Sr., a Vietnam War veteran, founded the Firm after practicing as a Partner in the Vero Beach office of a 55-laywer firm headquartered in West Palm Beach since 1974. The Firm represents many Clients, including high wealth individuals, and focuses on several different areas of law including, but not limited to: Estate Planning, Probate, Guardianship, Trust Administration, Real Estate, all areas of Taxation, and Business Law.

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