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.

Planning, Taxation, Economic aspects, Terminally ill persons, Terminally ill, Transfer taxes, Gifts

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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.

Laws, regulations and rules, Generation-skipping transfer tax

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