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Recent Posts in Gift Tax Category

  • CAN I GIVE GIFTS TO MY CHILDREN TAX-FREE

    When you hear about the gift tax you may wonder about the details. Are gifts that you give to your children taxable? Let’s examine the answer to this question. Gift Tax Parameters You cannot discuss the gift tax without discussing the estate tax, because the gift tax is unified with the estate tax. In fact, the gift tax would not exist if it was not for the estate tax, because it is in place to ...
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  • WHAT IS THE ANNUAL GIFT TAX EXCLUSION?

    High net worth families must be aware of the existence of the federal gift tax. Actually, everyone is potentially exposed to the gift tax. The reason why most people don’t pay this tax is because there are exclusions. One of these exclusions is the annual gift tax exclusion. $14,000 Per Person, Per Year Under currently existing laws, you can give as much as $14,000 per year to any number of gift ...
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  • FUNDING A STUDENT'S COLLEGE EDUCATION

    Some people who are in a position to give life-changing amounts of money to their loved ones may take pause. If you were to give a young person a significant gift or inheritance he or she may see no reason to get an education and make an individual mark on the world. One thing you could do if you felt this way would be to convey assets into a 529 college savings plan for the benefit of a future ...
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  • Gift Giving Provides Tax Flexibility

    One of the big changes that the new year is going to bring along that has an impact on estate planning is the return of the estate tax. One of the provisions of the sweeping tax cuts of 2001 was a repeal of the estate tax in 2010, but it will be returning again in 2011. This in and of itself is highly relevant, but in addition to its mere reappearance, the estate tax exclusion amount in 2011 will ...
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