Gift tax vs Estate 'gift' tax - Page 2 - TigerDroppings.com

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Bear Is Dead
LSU Fan
Monroe
Member since Nov 2007
3589 posts

re: Gift tax vs Estate 'gift' tax


GST tax sucks, but I believe there is a lifetime exemption for that as well. Thought it was over a million. Could be wrong. That type of gift would lower both the GST exemption as well as the lifetime. They are not two separate exemptions, just two different limits





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Fat Man
LSU Fan
Covington, Atlanta, Winston-Salem
Member since Jan 2006
6413 posts

re: Gift tax vs Estate 'gift' tax


quote:

GST for short. Transfers from grandparents to grandchildren have their own complications.


So, if parents gift directly to their children, this is avoided?

So, parents can gift up to $5,250,000 (one time) to children with no tax burden on the recipient. Recipient reports gift on 709?*

Uncle can go back on Estate for Long Term Care costs if transfer is less than 3? or 5? years prior.

TIA







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Janky
LSU Fan
Team Primo
Member since Jun 2011
7770 posts

re: Gift tax vs Estate 'gift' tax


LTC reach back is 5 years
Estate tax reach back is 3 years

These are as I know them, but you may want to verify with poodlebrain or another CPA. Good luck.






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