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Gifts to Minors: Outright, Per the UTMA, or in Trust?
Outright gifts to minors pose the fewest tax problems, but may not always accord with the donor’s desires. While an indirect gift may be made to a legal guardian who manages the property for the child,...
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Tax Consequences of Making Gifts (October 1996)
The income tax consequences of making a gift are straightforward: neither the donor nor the donee incurs any income tax. Although it is fairly clear why the donor has no income on account of the...
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The Continued Importance of Gift & Estate Tax Planning
Although the estate tax is repealed effective January 1, 2010, fiscal considerations may cause Congress to “repeal the repeal” allowing the estate tax to remain, albeit with a higher applicable...
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Requirement of Filing Federal Gift Tax Return
The requirement of filing a federal gift tax return arises when one has made a completed taxable gift. Incomplete gifts do not impose any gift tax filing requirement. Thus, the donor’s gift of a...
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Tax and Legal Issues Arising In Connection With the Preparation of the...
With little Congressional interest in increasing the $1 million lifetime exemption, familiarity with gift tax is important in estate planning. This seminar will first consider legal requirements for a...
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Gift Planning in 2010
PDF: Tax News & Comment — March 2010 I. Introduction Many taxpayers wish to transfer assets to their children during their lifetimes rather than at their death. Therefore, lifetime transfer...
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2012 Gift & Estate Tax Decisions of Note
View in PDF: Tax News & Comment — February 2013 2012 Gift & Estate Tax Decisions of Note I. Formula Clauses The Tax Court in Wandry v. Com’r, T.C. Memo 2012-88, nonacq., 2012-46 I.R.B....
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Portability of Estate Tax Exclusion — Did Congress Guild the Lily?
View in PDF: Tax News & Comment — February 2013 I. Introduction As part of the 2010 Tax Act, Congress enacted a statute allowing a surviving spouse to utilize the unused portion of the...
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Tax and Legal Issues Arising in Connection With The Federal Gift Tax Return...
Filed under: Estate Planning, Federal Gift Tax, Gift Tax Planning, Gifts to Minors, Tax & Legal Issues Arising in Connection with the Federal Gift Tax Return (2013 Revision), Treatises Tagged:...
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August Comment: NYS Estate, Gift & Trust Tax Update
I. Introduction A number of important changes to New York estate, trust and gift tax law were recently enacted. Briefly, (i) the New York estate tax exemption will reach parity with the federal...
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