A while ago I was told by an estate planning attorney that, currently, an individual can leave a total of $675,000 to their children tax free, $1,350,000 for a couple (if they do it right). As I understood it (I asked because I was confused), these are the maximum amounts, whether you have one child, two chidlren, or more. It is different from annual gifts, where you can leave $10,000 to each child, no matter how many.Well, last night I was listening to a TV discussion of the estate tax in which an opponent of estate tax repeal stated that he could leave each of his two sons $675, 000, and so could his wife. No one disagreed with him.I assume the lawyer is right, but I was surprised none of the proponents of estate tax repeal jumped on this.
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