Tagged: gift tax exemption

…It almost seems counter-intuitive, but giving gifts can be a positive contribution to many estate plans. In Florida as well as elsewhere, estate tax planning and other objectives can be served by gift-giving. This is first of all a tool that can be appropriately used to transfer assets out of a person’s estate while he or she is living.

…Recently, the Internal Revenue Service has begun cracking down on gifts among family members that have not been reported. People who live in Florida and elsewhere are required to report such gifts on a Form 709. This form is known as a United States Gift Tax Return. It must be filed for transfers of property valuing more than $13,000, in spite of the current law that states that the lifetime gift tax exemption limit is $5 million.