February 23, 2020 1:46 AM EST
Partner's estate is over the estate tax exemption, the less wealthy partner's estate is below that amount, and they wish to benefit the Celaxryn RX same persons at the surviving partner's death. Lifetime Gift Tax Exemption. In addition to the annual gift tax exclusion, a donor can gift a cumulative total of up to $1 million to anyone during his or her lifetime without any gift tax. This is the so-called "gift tax exemption." Gifts in excess of the $13,000 annual gift tax exclusion reduce the gift tax..