If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools available is the gift tax annual exclusion. For 2026, the exclusion is $19,000 per recipient. If you’re married and your spouse consents to a joint gift, also called a “split gift,” the exclusion is effectively doubled to $38,000 per recipient. If you make gifts in excess of the annual exclusion (or gifts ineligible for the exclusion), you can tap your lifetime gift and estate tax exemption ($15 million for 2026). Gifts must be of a “present interest” to be eligible for the annual exclusion and, to be covered by your 2026 exclusion, be made by Dec. 31. Contact us for details.
