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re: Gift tax vs Estate 'gift' tax
Posted on 10/7/13 at 5:53 pm to Poodlebrain
Posted on 10/7/13 at 5:53 pm to Poodlebrain
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
0
Posted on 10/7/13 at 7:17 pm to Poodlebrain
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
Posted on 10/7/13 at 8:45 pm to Fat Man
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.
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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