What Is the Lifetime Gift Tax Exemption?

The lifetime gift tax exemption is the total amount you can give away tax-free during your lifetime — in 2024, it's $13.61 million per person. It's shared with the estate tax exemption, so using it during life reduces what's sheltered at death. Gifts above the annual exclusion count against your lifetime exemption. The exemption is scheduled to drop to roughly $7 million (adjusted for inflation) after 2025. High-net-worth individuals should consider gifting now to lock in the higher exemption.