Regifting

Dear Suze, We spent Christmas with family and some had new people so we ended up with utilitarian gifts since we didn’t know each other well. They all hit the pile of other gifts received over the years, never to be used, still with tags on them. Which got me thinking about gifting some more expensive art pieces to my son before I die. 

Dear Art Collector, After your death, the transfer of wealth can trigger estate taxes (paid by the estate of the deceased, only 12 states, plus D.C. charge this), or state inheritance tax (paid by those who inherit, only 6 states do this). Maximum you can give away, tax-free in 2025 is $19,000 to any number of people (with a lifetime exemption per person of $13.99M!). Don’t trust, DO VERIFY my info with your own professionals. Happy regifting. -SQ