YAHOO July 18, 2022

The IRS just made it easier for families to pass on millions of dollars to their children and others

Ultrawealthy families with millions of dollars to leave behind as inheritances will save a lot on taxes thanks to the Internal Revenue Service’s latest portability rule. Individuals can give up to $12.06 million tax-free to their children and other nonspousal beneficiaries during their lifetime or upon death, under limits for 2022. Anything above that is subject to a 40% tax (either known as a gift tax or estate tax, depending on when the money was handed over).

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