Category Archives: Gifts

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Tis the Season: Holiday Gifting Without Gift-Tax Pains

Many individuals give gifts to family, friends, and charities during the holiday season. Knowing the tax rules applicable to gifts will ease the process and enhance the joy of gifting. Gifts Come in Many Shapes. For individual U.S. citizens or residents, the federal gift tax applies generally to all gifts of property – of whatever … Continue Reading

Federal Estate Tax Exemption Increases to $11.2 Million in 2018 (For a Married Couple)

The federal estate (and gift) tax exemption amount (exemption amount) is the total amount that an individual may transfer during life, or at death, without incurring gift, estate, or generation-skipping transfer tax on the value of the transferred assets.  This amount is adjusted annually for inflation, meaning that even if you exhaust your exemption amount … Continue Reading

IRS Temporarily Halts PLRs on Certain GST Tax Issues

On March 3, 2017, Melissa C. Liquerman, a branch chief for the IRS Office of Chief Counsel, announced at the Federal Bar Association Tax Law Conference that, due to “budget cuts and prolonged strain on agency resources,” the IRS is temporarily suspending the issuance of private letter rulings (PLRs) relating to certain generation-skipping transfer (GST) … Continue Reading

Estate Tax Exemption Nears $11 Million (For a Married Couple)

The estate (and gift) tax exemption amount (exemption amount) is the total amount that an individual may transfer during life, or at death, without incurring gift or estate tax on the value of the gifted assets.  This amount is adjusted annually for inflation, meaning that even if you exhaust your exemption amount by making substantial … Continue Reading

Thinking of Expatriating? You May Be Leaving More Behind Than You Expected

U.S. citizens and long-term permanent residents who are considering relinquishing their U.S. citizenship or long-term permanent residency in the U.S. have more than just the exit tax imposed under Code § 877A to consider – they must also consider the impact the expatriation will have on their U.S. family members and other intended U.S. beneficiaries.  … Continue Reading
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