All About Gift-Giving

Episode Transcript

Speaker 1 (00:00):
Joined by a retirement planning professionals CJ. Closs and Eric Schwartz.
Of course they come to us from Class Financial. So
if you've got a retirement related question, love to you,
have you join us this morning again. Number to get
on the air six oh eight three two one thirteen ten.
That's six oh eight three two one thirteen ten. Telph
number for Colss Financial six oh eight four four two
five six three seven. No charge for that initial get

(00:21):
to know you appointment at COSS Financial. It will be
complimentary to you again. Their number six o eight four
four two five six three seven and their website.

Speaker 2 (00:28):
Oh my goodness, head on over to.

Speaker 1 (00:30):
The website classfinancial dot com. That's Coss k l aas
Financial dot com newly redesigned and CJ. I'm gonna bring
you in on this one real quick, uh updated website.

Speaker 2 (00:42):
I love it looks really good.

Speaker 3 (00:43):
How you been Yeah, I've been good, thanks Sean.

Speaker 4 (00:45):
Yeah, it's been a long time coming, and our marketing
team has put a lot of a lot of effort
into it and hopefully it's a lot more user friendly
and can display our great content.

Speaker 1 (00:56):
It reflects the vibrance of COSS Financial and I got
to be honest, it's got a really it's got a
really nice look. So I hope folks get a chance.
Swing by Clossfinancial dot com. That's Coloss Klaas financial dot com.
Speaking of vibrants. Our good friend Eric Schwartz from Class
Financial joins us this morning as well. Eric, how you
doing this morning?

Speaker 5 (01:14):
I am doing great, Sean, what a compliment this morning.
I want to start every day like.

Speaker 2 (01:19):
Well, that's it's great to hear from you.

Speaker 1 (01:21):
And I love chatting with both of you guys each
and every week, and this week speaking of things that
we love, gift giving is a great is a great
thing to talk about and learn about. And there are
some there are some things you can do when it
comes to helping out you know, your adult children financially
and others. And we'll talk with Eric and CJ all
about that this morning on the program. Again, guys, love

(01:42):
getting questions, Love getting those calls at six oh eight
three two one thirteen ten. That's six oh eight three
two one thirteen ten. Another really cool feature of the
show is the Class Quiz Question the week a chance
for you to win a fantastic prize this week no exception,
our friends from Class Financial have provided a twenty five
dollars gift card too. Sephora, we'll tell you a little
bit late on the program how you can win that
little tip. Listen close to the program because just about

(02:04):
every show, the question and answer come up during that program.

Speaker 2 (02:07):
Before we start.

Speaker 1 (02:07):
Talking about gift giving, let's actually roll back to last
week's program and do the class quiz question week and
answer from that show as well, CJ or excuse me, Eric.

Speaker 5 (02:17):
Yeah, I think I think I'll do this part. The
question from last week was true or false. Long term
capital gains are gains from selling assets you've held for
more than one year. The answer to that was true,
and Carol from Madison was our winner from last week.

Speaker 1 (02:34):
Nice work, Carol, and you two can be like Carrol.
Just listen closer to the program. You get all the
details on winning the clas quiz question a week a
little bit later on the show.

Speaker 2 (02:41):
The website classfinancial dot com.

Speaker 1 (02:43):
That's closs klaa Ask Financial dot com and they're telephone
number six so eight four four two five six three seven.
So a lot of folks, of course were focused on
saving and of course for retirement, but there's also that
you know you want to help your adult children financially,
whether it's the other things like a down pain or
maybe education, school, those type of things, or just general support.

(03:04):
We'll bring you in CJ on this one. What should
we know when it comes to strategies for gift giving?

Speaker 3 (03:11):
Yeah, this is an important topic. Eric can a test.
We have a lot of clients asking about this, both
in terms of kind of the tax consequences if you
give money to your children or a loved one, and
then also limitations because they've heard that you have to
be careful how much you give. So that's kind of
the broad topic that we're going to discuss today. So
parents are often eager to support their children, and we

(03:34):
encourage that. Even there's times when Eric and I will
bring up to our clients, Hey, we think you should
start considering gifting assets because of the size of their estate.
But doing it wisely is pretty critical. So let's begin
with the kind of table stakes here. What is a
gift in the eyes of the IRS? So, a gift
is any transfer of money or property where full value

(03:57):
isn't received in return. The IRS generally considers this a
taxable gift unless it qualifies for an exclusion. Now, I
just want to pause. Everybody, don't panic because you heard
me say IRS generally considers this a taxable gift. But
I want you to pay attention to that last section,
which has unless it qualifies for an exclusion or actually

(04:19):
an exemption. And so just know there are so many
exclusions and exemptions that most gifts don't end up being taxable.
But more on that as we move through the show. So,
an important concept for everybody to understand is the annual
gift tax exclusion. In twenty twenty five, you can gift
up to nineteen thousand dollars per recipient without triggering federal

(04:43):
gift tax reporting. Married couples can combine that to give
thirty eight thousand dollars to one person. So let's just
take the most simple, obvious example of this. So, CJ,
what I hear you saying is if I want to
give my child a gift and not have to report it,
I can give nineteen thousand dollars to my child, and
my spouse can give nineteen thousand dollars to that child

(05:05):
for thirty eight thousand dollars total in the year twenty
twenty five. In the answer to be yes, there's not
even a gift tax return return known as Form seven
oh nine. You don't have to even worry about that.
So again, if you have multiple children or multiple loved ones,
you realize you can give away a lot of money
in a year, you know, thirty eight thousand to one child,
do another child, do another child, to another family member.

(05:28):
You can do that without even having to file a
gift tax return. Now that moves to the next part
of this What do you mean a gift tax return. Well,
there's something known as a lifetime gift or estate tax
exemption amount. So the lifetime federal estate and gift tax
exemption amount in twenty twenty five is thirteen point ninety

(05:50):
nine million dollars per person or twenty seven point nine
eight million dollars per couple. This had been set to
expire at the end of this year, but through the
OBBBA that was actually now permanently extended. But here's the key.
So if I give over that nineteen thousand dollars per

(06:11):
year per person or thirty eight thousand dollars per person
for a couple, what do I do?

Speaker 5 (06:15):
Then?

Speaker 3 (06:16):
What if I want to give one hundred thousand dollars
to my child for a downpayment on a home Number one,
we might want to talk to you about that. I
don't know that that's the right thing to do, but
if you want to do that, all you have to
do then is file that Form seven h nine and
the amount over the nineteen thousand or the thirty eight
thousand for the couple, the difference between the one hundred
thousand and we'll call it the thirty eight thousand, that

(06:37):
is what reduces your lifetime federal estate and gift tax exemption.
So think of it as you have like a certificate
in your back pocket that says I can give away
during or after life fourteen million dollars. And if I
give over the annual exclusion amount in any given calendar year,
I just have to start subtracting from that lifetime amount.

(06:59):
Hopefully that may sense. Probably would be easier to tell
you all of this like in a whiteboard context, but
this is radio. This is our best effort, so by
all means, if you have any questions about this, call
our office because this is a big one. But just
remember you know this, this whole kind of larger exemption
amount was passed as part of the twenty seventeen tax

(07:20):
cuts and Jobs Act, and then the OBBBA made this
more permanent, so this higher gift and a state tax
exemption amount was made permanent. Now one quick warning, because
I know the airwaves can travel down to our Illinois friends. Yes,
and you in the state of Illinois have a state

(07:40):
a state tax exemption amount which is separate from the
federal estate tax exemption amount. And that amount is four
million dollars per person.

Speaker 1 (07:48):
So just something to be mindful those of you listening
on the state line, definitely be mindful of that. A
lot of great information as well as we talked this
morning with our retirement planning professional CJ. Claws and Eric Schwartz.
Of course they come to us from Klaus Financial. There
website class financial dot com. That's Class k l AA
s Financial dot com. Telph number six oh eight four
four two five six three seven. No charge for that

(08:09):
initial gets no you appointment tech Loss Financial. It will
be complementary to you again their number six O eight
four four two five six three seven will continue our
conversation about gift giving. We will do that next as
Money in Motion with Coss Financial continues here on thirteen ten,
wib A talking with our retirement planning professionals CJ.

Speaker 2 (08:26):
Class and Eric Schwartz.

Speaker 1 (08:27):
Of course, they come to us from Class Financial the
website class financial dot com. That's Class k l aa
S financial dot com. They're teleph number six O eight
four four two five six three seven. No charge for
that initial gets no appointment at Colss Financial. It will
be complementary to you again their number six O eight
four four two five six three seven. So talking gift
giving this week, a really important conversation, a great opportunity

(08:49):
as well if you are in that type of position
to be helping family, friends, and other organizations out.

Speaker 2 (08:54):
And we'll get into all of that.

Speaker 1 (08:55):
Stuff as the program continues this morning. And Eric is
as we talk talk about this stuff, So if I
givet somebody some money, will I have to pay taxes
as the giver on that?

Speaker 5 (09:07):
Yeah, that's a good question, Sean. And the short answer is,
in most cases, no, there's no immediate tax to pay.
But let's get a little bit more into why that is.
That's sort of the short answer, but it's it's important
to understand what's behind it. And before we jump into this,
just a quick reminder. We tell people this all the time.
Personal gifts are not deductible on your income tax return.

(09:30):
No matter how much your children or other family members
may feel like charities, they do not qualify in the
eyes of the IRS. So no tax to be paid
on the gift, but also also no deduction. So CJ
was talking a little bit earlier about Form seven oh nine.
So this is the form that you file with your

(09:50):
income tax return if you have a gift that falls
outside of the exceptions, right, so ZJ was just talking
about the the annual exclusion, the lifetime, the lifetime exemption.
Will We'll get a little bit more into that here
in a moment, But if you actually give a gift
that qualifies as a gift in the eyes of the IRS,

(10:13):
you would actually need to fill out that Form seven
to nine. Now, the tax liability, if there is any,
is typically that of the giver or the donor. They're
responsible for any tax, do not the person receiving the gift. Now,
there are a few exceptions to that, but this is
the general rule. But we were talking a little bit earlier.

(10:36):
CJ was covering some of the exclusions and why we
say generally if people are giving what we would call,
you know, normal gifts, they're probably not they're probably not
having to pay tax is because the exceptions, well there's
a few of them here. The first one would be
anything inside of that nineteen thousand dollars annual exclusion. Remember

(10:59):
that as perpose person. So a married couple could give
thirty eight thousand dollars in twenty twenty five to any
individual and not have to report it, not have to
pay any gift tax on it. If you make a
tuition payment or a medical payment directly to a university
or a hospital, that is not considered a gift in

(11:22):
the eyes of the irs that needs to be reported.
You have an unlimited exclusion to give gifts to your
US citizen spouse, So there's an unlimited gift between spouses.
If you have a non citizen you or if you
have a non citizen spouse, you are excluded to one

(11:42):
hundred and ninety thousand dollars that you can actually give
without having to report it. And finally, if you are
giving to a political organization, there are no limits on that,
which is interesting, say the Lee.

Speaker 2 (11:57):
Wait, the people that write these laws, are you got it, Sean?

Speaker 5 (12:02):
You got it?

Speaker 2 (12:04):
Well, that isn't that interesting and curious?

Speaker 1 (12:06):
As as we talk with our retirement athletic professionals, Eric
Schwartz and CJ.

Speaker 2 (12:11):
Closs.

Speaker 1 (12:11):
Of course, the website class financial dot com. That's Claus
k l aas Financial dot com. They're telephone number six
eight four four two five six three seven. So what
are the benefits of giving money while you're still alive?

Speaker 2 (12:24):
CJ?

Speaker 3 (12:25):
Yeah, it's a great question, Sean, and and there's significant benefits.
So obviously it's an emotional and financial benefit to those
that you're giving the funds to. You get to see
your impact now, get to see the experience and the
joy of your children or grandchildren getting to benefit from
those dollars, often in their thirties, forties or fifties when

(12:48):
they're raising children, buying homes, or changing careers. And just
for those of you out there, I want you to know,
we actually don't care whether or not people gift their dollars.
We will often say whether we think they can afford to,
and then we'll talk about the pros and concept doing that,
but we're not antied up on one side or the other.
This is the beauty for us of being a fee
based retirement planning firm is we really don't have any

(13:10):
agenda here we just want to help you accomplish your goals,
but we are going to give authoritative advice when we
think it's worthwhile. So an example of this would be
if somebody says, I don't want to give anything to
my kids along the way, We'll just leave them millions
and millions and millions of dollars when we die. Eric
and I will pause and just say, let me just
challenge you on that. Thinking a little bit, if you

(13:33):
got millions of dollars right now in your seventies, how
would that benefit you? And often people go, it wouldn't
change my life at all. I go, okay, what if
you got, you know, thirty eight thousand dollars when you
were thirty five years old raising children, would that have
impacted you? And they go, oh my gosh, it would
have been life changing. I go, bingo, You see the point, right,

(13:53):
it's when your children, When you die and leave that
hundreds of thousands or millions of dollars to your children,
and they are now seventy years old themselves, it's not
it's not going to do that much for them. They'll
probably just pass it on to the next generation. But
if you can give little amounts you can kind of
see what they do with it, make sure that they're responsible,
even give them feedback around saying, hey, that might have

(14:15):
not been the most wise thing. You might want to
consider investing a portion or putting it into you know,
you get the idea, you get to see an experience
and give them guidance on that. So we just cannot
suggest enough if you're going to be leaving money to children,
and that's a big butt you know, that's a big
question mark. If you know that you're going to be
leaving money to children, you may want to consider moving

(14:37):
up that timetable. Obviously it can help, you know, with
with education and medical expenses, which Eric just mentioned, if
you paid directly on some of those education and medical expenses,
it doesn't even hit any of these limitations that we're
talking about. So really significant benefits of helping children, grandchildren
or loved ones. And now I will say, if you're

(15:00):
going to take advantage of this like no limitation on
medical expenses, you do have to pay those dollars traditionally
directly to the doctor or the hospital or the insurance company.
And similarly, with like education expenses, you do have to
pay again go directly to the institution. You can't say,
here's sun or daughter, here's one hundred thousand dollars. Because

(15:23):
CJ on the radio said, there's no limitation on student
loan payoff. Here's one hundred thousand. You pay off your loans.
You see the problem with that, don't you. You gave
it to son or daughter. Son or daughter then paid
it off. Well, that the gift limitation is to the
sun or daughter. If you want to have that more
unlimited exemption, then you have to pay it directly to
the institution. And then obviously, when you give money to

(15:46):
your children, you can also encourage them to set up
things like wroth I raise or brokerage accounts or five
twenty nine's for your grandchildren. So again, giving some of
those dollars earlier can have large benefits. Now I will
say it can also create some issues. So one thing
we would encourage you is don't give and then have

(16:07):
massive opinions about that gift, because if you do, it
feels like what well strengths attached? Right here, here's some money,
but I hope you behave appropriately. It would be more. No,
here's some money, give some guidance like here, you might
want to consider some of these things. This is what
we've learned over time, but be ever so cautious of
viewing that gift as kind of like a pseudo winkwink loan.

(16:29):
Don't do that. We're not big fans of giving loans
to children, but we are bigger fans of outright gifts.

Speaker 2 (16:35):
Great perspective from CJ. Class and Eric Schwartz.

Speaker 1 (16:37):
They are our retirement planning professionals from Class Financial.

Speaker 2 (16:40):
I've been thinking about these types of things.

Speaker 1 (16:42):
You've been thinking about making contact with the folks Class Financial.
Today is a great day to start that conversation. All
you got to do is pick up phone, gave a
call six so eight four four two five six three seven.
No charge for that initial get to know your appoyment
tech Class Financial. It will be complimentary to you. Their
website cossfinancial dot com. That's Coss k l a a
s finance dot com. As a matter of fact, you
can schedule a complementary conversation right online at cossfinancial dot

(17:06):
com as well. We're gonna sear our conversation with Eric
and CJ. We're going to talk about incorporating trusts as
a as a gift gifting strategy. With the details next
as Money in Motion with Coss Financial continues here, I'm
thirteen ten wib A talking with our retirement planning professionals CJ.

Speaker 2 (17:23):
Closs and Eric Schwartz.

Speaker 1 (17:24):
Of course they come to us from Coss Financial the
website cossfinancial dot com.

Speaker 2 (17:28):
Don't forget if you.

Speaker 1 (17:29):
Missed any part of this program or you want to
share it with friends or family, or listen back to
any of the previous shows. Right on the website there's
a complete section on now listening to the podcast, subscribing
to the podcast, listening lot, listening live as well. Again
that all available to you at colassfinancial dot com are
top number six o eight four four two five six
three seven. No charge for the initial gets to know
you appointment at Coss Financial. It will be complimentary to

(17:50):
you again their number six oh eight four four two
five six three seven. Talking gift giving this week in
Eric when it comes to trusts, can those be part
of a gifting strategy?

Speaker 5 (18:02):
Absolutely, I mean this is an area you definitely won't
definitely want to discuss with your state planning attorney because
it's generally part of a much more advanced estate plan.
But we'll do a quick overview here just to give
you a few topics that you may want to discuss
with your attorney. So the first one that we probably
see use the most for gifting is an irrevocable trust.

(18:25):
So think about the name there, irrevocable. This is where
this is a setup where you transfer assets into it
to move them out of your taxable estate. Okay, so
we were talking earlier about the really highest state tax exemption,
so this doesn't apply to a lot of folks, but
for some people, if your state is going to exceed

(18:47):
that exemption, you may actually want to move dollars out
of your estate before you die. And an irrevocable trust
is a way of getting assets out of your estate
and maintaining some level of control over them. But keep
in mind you're transferring those assets to something else, you
are no longer the owner of them. So that would

(19:09):
be one strategy that people use for gifting before they die.
A variation of that is an irrevocable life insurance trust
or an islet. And basically what this does is it's
a legal entity that owns your or that is the
beneficiary and I'm sorry, not the beneficiary owns your life

(19:29):
insurance policy. And that makes the death benefit not part
of your estate when you pass away. So that would
be another way that people will We'll use a trust
in this way, and finally a grant or retained annuity
trust or a grat. You know, we love our we
love to shorten anything we can in this industry. This
transfers appreciation to your airs with minimized gift tax exposure.

(19:54):
These work well with stocks or private equity or closely
held businesses that are expected to be growing a lot
and then eventually sold. So that would be another more
advanced strategy.

Speaker 2 (20:05):
That's grat information. Oh that's a dad joke right there, man. Oh,
fun stuff.

Speaker 1 (20:14):
As always, we do always like to have fun on
the progress. We talk with Eric Schwartz and CJ Closs
or retirement planning professionals from Class Financial and CJ.

Speaker 2 (20:21):
What if I want my gifts to go to a
charity instead?

Speaker 3 (20:26):
Yeah, good question. So just touching quickly on what Eric
was referencing there. You know, this is for those of
you who are worried about those federal estate tax exemption amounts.
That's kind of fourteen to fifteen million dollars we were
talking about before, and some of you are going. You know,
it's not going to impact me. But remember often where
we see this impacting people are farmers who own a

(20:47):
lot of land. I know you farmers don't think that
you're wealthy, but the value of your land may have
something else to say about that. Or small business owners
who just happen to run a great business. The business
grows and then you get towards the end and have
what we call a liquidity event or sell your shares
and suddenly you go, WHOA, that's a lot of stink
and money. If those are things that could impact you,

(21:11):
what you might want to think about, if you call
it before those liquidity events orus maybe sub eighty or
sub seventy, is to think about getting some of those
shares or dollars or land into a irrevocable trust, as
Eric was just talking about now, because then all of
the future growth before you die is outside of your state.

(21:32):
So we'll see this with small business owners. They'll take
thirty percent of their equity value inside of their business
and actually have it owned by an irrevocable trust, so
that if that thirty percent quadruples in value by the
time they have that liquidity event, it's all outside of
the estate. Now, as Eric just said, these are advanced
estate planning techniques. You need to talk to your lawyer

(21:54):
and financial advisor for sure. But yes, this next category
that you're asking about, Sean, is charitable gifting. Up until now,
most of what we've been discussing has been limited by
two primary factors. One, if you don't want to have
to reduce that fourteen million dollar certificate I talked about before,
then you just stay under the annual exclusion amount of

(22:14):
nineteen thousand dollars per person per year. If you go
over that amount, then typically you have to start taking
out that certificate and taking fourteen million minus something. So
start reducing your during or after life exemption amount. But
what and then Eric mentioned some things where it's like,
but there's some you know what about paying medical expenses

(22:35):
and paying off student loans. There's some rules where you
can give even more than that without having to reduce
that lifetime exemption amount. But what about these charitable gifts.
This is a big one. So outright gifts to qualified
charities think public nonprofits, there's no gift tax, and you
may even get an income tax deduction in the year

(22:57):
of that gift. This is key so everything we else
we talked about was like it may or may not
reduce your lifetime exemption, but there's limitations and kind of
things you got to be careful of. And by the way,
you get no deduction. In the world of the public
charities totally different ballo acts. Not only no tax, not
only no limitation in terms of how much you give. Well,

(23:19):
there can be some annual limitations, but generally speaking you
might even get a deduction. So this is gets a
little bit tricky. We have a future show coming up
or we're going to dig into this topic even in
greater detail. But where often people are not getting deductions
on their gifts to qualify charities is because it's not

(23:40):
exceeding their annual exclude or there, I'm sorry, there their
annual standard deduction lost the term their standard deduction amount
because that number has gotten pretty large for most Americans
think you know, on average around twenty five to thirty
thousand dollars. So if you're itemized deductions don't exceed your

(24:00):
standard deduction amount, then even though you're giving money to
charities that quote unquote qualify for an itemization of deduction,
it just doesn't matter because you're not giving enough. So
this is where donor advice funds will come in. Donor
advice funds are a public nonprofit charity, but they're an
intermediary meaning it's not going to its final resting place.

(24:23):
So you may do five years worth of annual charitable
deductions in one year into a donor advised fund. Why
because you're going to dramatically exceed that annual exclusion or
the standard deduction amount, and then it's called tax bunching.
You get that tax benefit, and then for the following

(24:44):
five years you're actually giving out of your donor advice
fund to your final charity. So again think of that
as an intermediate location. There's also things known as charitable
lead trust where income from the trust goes to charities
for a set term and then the remains passes to
your errors, which can reduce your taxable estate. Charitable lead
trusts are also known as what would call split trusts,

(25:06):
which are also a charitable remainder trust. Fit into the
same kind of category where there's split interest, where there's
some going to charities, there's some going to beneficiaries. So
there's quite a few rules and restrictions on that, but
the concept here is you can do these outright gifts
to charities that may or may not impact you on
your taxes. You can do it to donor advice fund,

(25:28):
to tax bunch and try to get over the standard deduction.
You can do larger amount and a charitable lead trust
or charitable remainder trusts. And finally there's these things called
qualified charitable distributions known as qcds. For anybody who is
pre tax retirement money end is over seventy and a half,
so a lot of different ways to benefit charities and

(25:49):
potentially reduce your taxable income. Unfortunately, everybody, this is going
to sound very like selfish, but this has gotten a
lot more complicated over the years. Eric can attest It
used to be like, oh yeah, I give the charities
and get a deduction, and you know ninety percent of
the time you'll get a tax benefit. Now it's you
gotta know how and from where and at what age,

(26:13):
and it just has gotten way more complicated. Now there's
still big benefits. If you know how to do it,
you can get a large tax benefit, but unfortunately it
drives a lot more people to professionals like us. So
if you have any questions about this, just reach out
after the show.

Speaker 1 (26:28):
I will say the center console on my car is
much cleaner since they made this change. I don't have
to go through Saint Vinie's, I don't have to stick
a receipt in there anywhere.

Speaker 2 (26:36):
But that's that's all. That's all for the.

Speaker 1 (26:40):
And as you mentioned to CJ, a previewed upcoming show
as well, if you want to be part of that
upcoming show, you can email in of course for the
listener question corner love to get your question answered right
on the air. If you head on over to classfinancial
dot com, you can submit a question to be answered
right here.

Speaker 2 (26:55):
On the program.

Speaker 1 (26:56):
Speaking of class financial dot com, great website resource to
learn about everyone at Claws Financially.

Speaker 2 (27:00):
You can also set up an appointment online or pick
up phone.

Speaker 1 (27:02):
Give a call six soh eight four four two five
six three seven. Of course, that initial appointment is not
going to cost you a thing. It'll be complimentary to
you at Coss Financial again their number six oh eight
four four two five six three seven. Want to hold
on to that telephone number because it's time now for
the CSS Quiz Question of the week. It works like this,
just a moment, I'll ask you the class Quiz question leak.
You'll then have thirty minutes from the end today's program
to call the Class Financial Office right here in Madison

(27:23):
at six oh eight four four two five six three seven.

Speaker 2 (27:26):
If you are the first call correct.

Speaker 1 (27:27):
Answer, win this week's prize, which is a twenty five
dollars gift card to Sephora. This week's closs quiz question week,
Is this true or false? In twenty twenty five, you
can gift up to nineteen thousand dollars per recipient without
triggering federal gift tax reporting. Is that true or is
that false? Teleph number six O eight four four two

(27:49):
five six three seven.

Speaker 2 (27:50):
Don't forget.

Speaker 1 (27:50):
That's cost Financial Office right here in Madison again the
number six oh eight four four two five six three seven.

Speaker 5 (27:56):
C J.

Speaker 2 (27:56):
Eric. It's always great talking with both of you guys.
Have a great day.

Speaker 3 (28:00):
Thanks Sean.

Speaker 5 (28:01):
Thanks Sean.

Speaker 1 (28:01):
Doctor Mardi Greer joins us next here on thirteen ten
Double You IV eight