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What are the federal estate and gift tax benefits?

People making gift contributions might benefit from an annual federal gift tax exclusion of $15,000 per donor ($30,000 for married contributors) by reducing the taxable value of an estate. Any additional contributions can be treated up to $75,000 (or $150,000 for joint filers) as having been made over a period of up to five years for federal gift tax exclusion.*

* In the event the donor does not survive the 5-year period, a prorated amount will revert back to the donor's taxable estate.