Tag Archives: Annual Gift Tax Exclusion

The 2011 Estate, Gift & GST Taxes

With the new year, we have new legislation providing updated Estate, Gift and Generation Skipping Transfer Tax provisions affecting decedents dying between January 1, 2010, and December 31, 2012.  Congress has finally given us a long-awaited answer to the question … more

Posted in Uncategorized | Tagged , , , | Leave a comment

Definition of the Month: Present Interest Gift

In order for a gift to qualify for the annual ($13,000) or lifetime ($1 million) Gift Tax exemptions, it must be a present interest gift.  A present interest gift is one in which the beneficiary has an immediate, unrestricted right … more

Posted in Uncategorized | Tagged , , | Leave a comment

The Notice Requirement for Gifts in Trust

One of the primary techniques used to reduce a person’s taxable estate is for him or her to make gifts during life to other individuals, usually children or grandchildren, using the annual gift tax exemption ($14,000 in 2014).  An individual … more

Posted in Uncategorized | Tagged , , , , , | Leave a comment

Definition of the Month: Crummey Notice

The Crummey Notice takes its name from the 1968 decision in Crummey v. Commissioner, 397 F.2d 82, 88 (9th Cir. 1968) in which it was established that a gift in trust qualifies for the annual Gift Tax exclusion as long … more

Posted in Uncategorized | Tagged , , , , | Leave a comment

The Importance of Planned Giving

As the end of the year quickly approaches, it is essential to recognize the importance of planned giving and its benefits for those with taxable or rapidly growing estates.  This newsletter will discuss the opportunities available to reduce your taxable … more

Posted in Uncategorized | Tagged , , , , , , | Leave a comment