What is a gift tax? It is very important that you understand the answer to this question. You need to know how gift taxes work so you can make informed choices about when to give gifts and how to structure those gifts. You also need to know that gift taxes can actually have an impact on your estate planning. Nirenstein, Horowitz & Associates can provide you with assistance in understanding what gift taxes are, how gift taxes work, and when a gift tax might have to be paid. Our legal team … [Read more...] about What is a Gift Tax?
It is important to understand the gift tax limit if you are planning on making a gift of any money or property during your lifetime. Giving gifts can result in taxes being assessed unless you keep the gifts below a certain dollar value. You should talk with an estate planning attorney about gift giving so you can learn about how to make strategic gifts during your lifetime in order to minimize tax consequences of property and asset transfers. Nirenstein, Horowitz & Associates has … [Read more...] about What is the Gift Tax Limit?
There is a federal gift tax in place that is unified with the estate tax, but there are exclusions that can be used to give tax-free gifts. You can give up to $14,000 each calendar year to an unlimited number of people tax-free, and you can also pay for school tuition and medical expenses free of the gift tax. Topics covered in this report include: Annual Per Person Exclusion Educational Exclusion Medical Gift Tax Exclusion Unified Lifetime Gift and Estate Tax Exclusion Click … [Read more...] about Free Report: What Are The Gift Tax Exclusions in Connecticut