You are here: Home Planning Ahead Estate Planning Gift, Estate, and ... Summary
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Gift, Estate, and Generation-Skipping Transfer Taxes

Summary

Next »

1/15

As if taxes on what we earn by working or selling property isn't enough, we also have to be concerned with taxes that can be levied on gifts we make while we're alive, and the transfer of our property at death.

Gift taxes and estate taxes are discussed together in this article because the tax law combines them.

We also discuss Generation-Skipping Transfer Taxes here because they are closely related to estate taxes.

If you can minimize taxes, you'll be able to pass on as much of your assets as possible to the people and/or causes you care about. Minimizing estate taxes beyond the use of non-taxable gifts is beyond our scope.

If your current estate with or without your spouse's assets, plus all the taxable gifts you've made since 1976 is near or over $5,340,000, consider consulting with a tax attorney, certified financial planner or other estate planning professional to determine if you are subject to estate tax, and if so, how to minimize the tax. If your condition might be terminal, be sure to be upfront about your situation so that the expert can plan appropriately.

To Learn More

More Information

Accountants Financial Planner Attorney

Related Articles

Estate Planning Tax

Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.