Ricky and his wife Bobby want to give as much money as possible to their family to reduce the size of their estate.  They wish to avoid gift taxes.  The current federal gift tax exclusion amount is $15,000.  Ricky and Bobby have 12 children and grandchildren.  How much (maximum) can they transfer to their family each year without owing gift taxes?

Answer rating: 100% (QA)

Ricky and Bobby can each give 15000 to each of their 12 children and gran... View the full answer