Use This Annual Exclusion by December 31st!

Under current federal tax law, in 2016, you can take advantage of an annual exclusion to give up to $14,000 to as many individuals as you want without paying gift tax. If you’re married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. If you plan to make gifts this year, remember that your gifts must be completed by December 31.