Gifts by terminally ill person reduce estate tax
Article Abstract:
The taxes on the estates of terminally ill people can be reduced through gift-giving before death. The annual gift exclusion, gift splitting, charitable deductions, and marital deductions offer many tools for making tax-free and tax deductible contributions. Fiduciaries should make sure that such gifts do not affect the unified credit or have unwanted tax consequences for the donor or donee. The types of assets that make the best gifts in this situation are discussed.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1995
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Final regs. interpret GST tax provisions more liberally
Article Abstract:
The IRS's final generation-skipping transfer (GST) tax regulations, issued Dec. 26, 1995, favor taxpayers more than the original proposed regulations, allowing postmortem tax planning. The regulations also permit the maximum use of GST exemptions and tax exclusions. They cover areas such as constructive additions, trusts' division, GST exemption allocation, Crummey trusts, direct skips, 90-day rule, and powers of appointment.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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