The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped-for result to make the protection more likely to stick if your marriage doesn’t work out.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
In terms of federal tax law changes, the last year had much ado but little change.