How are the gift tax and estate tax connected?

How are the gift tax and estate tax connected?

Gift tax and estate tax are actually the same thing–federal wealth transfer tax.  US citizens are allowed to give away up to $11.7 million (the $10 million exemption amount adjusted for inflation) during their life or upon their death.  Under current law, the...
When does the gift tax apply?

When does the gift tax apply?

You can currently give away up to $11.7 million dollars to other individuals during your life or upon your death without paying any gift tax.  However, even though you do not need to pay gift tax on gifts made before you reach this amount, you do need to file a gift...
ARE YOU PREPARED?

ARE YOU PREPARED?

Every adult needs to have an estate plan in place. An estate plan is a plan that lays out who is in charge and what will happen when a person is incapacitated or passes away.  The estate plan usually includes documents such as a will, living trust,...