How these multimillionaires are avoiding a 40% tax hit
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If you’re sitting on a few million dollars and you want to save on taxes, consider giving some of it away.
The Tax Cuts and Jobs Act roughly doubled the amount an individual can transfer to others without being subject to the 40% gift and estate tax.
In 2019, this so-called gift and estate exemption is $11.4 million per individual. This amount will tick up to…