Are there other ways to maximize my gifting in a single year?

You can make a single gift to a 529 Plan (a fund used for college expenses) in the amount of $75,000 for 2021. This amount is equal to five years' worth of gifting to a single recipient in a single tax year. This gift is then stretched over a five-year period after the gift is made. While beneficial initially to start a 529 Plan fund, these Plans can only be used for education expenses. If the recipient does not utilize the entirety of their Plan, there could be negative income tax consequences.

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