When should the option to split gifts be chosen?

Article Abstract:

Gift splitting should not be seen as an automatic process for married people receiving gifts of less than $20,000, but is still a useful way to avoid gift taxes. Only married couples can split gifts, and they must remain married for the calender year in which the gifts were received. One spouse still must file a return, even if the gift is below the $10,000 threshold. The consenter to the splitting can not have an interest in the gift. Also, the consenter must file a form showing consent within the year. If a form is filed but consent is not noted, the IRS will likely tax the whole gift to one of the receiving parties.

Estate planning

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Qualified state tuition programs: more favorable after 2001 Tax Act

Article Abstract:

The author discusses ways in which the Economic Growth and Tax Relief Reconciliation Act of 2001 has expanded the scope of qualified state tuition programs and liberalized tax treatment of QSTPs. Topics include types of plans, how they operate, and estate and gift tax planning.

Analysis, Tax planning, Tuition tax credits

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State statute does not revoke beneficiary designation after divorce

Article Abstract:

The author discusses the implications of a 2001 US Supreme Court ruling that the Employee Retirement Income Security Act preempts the state of Washington's revocation-on-divorce statute, with the result that a decedent's ex-spouse received his retirement plan.

Washington, States, Employee benefits, Divorce settlements

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