The estate tax is not applicable on asset transfers between spouses, as long as the people in question are American citizens. Transfers to others are potentially taxable. It would be logical to consider lifetime gift giving as a way to avoid the estate tax. When the estate tax was initially enacted in 1916, this was possible, because there was no gift tax. In 1924, a gift tax was enacted to close the loophole.
Topics covered in this report include:
- Annual Per Person Exclusion
- Educational Exclusion
- Medical Gift Tax Exclusion
- Unified Lifetime Gift and Estate Tax Exclusion
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Estate Planning Attorney at Nirenstein, Horowitz & Associates, P.C.
Jeffrey A. Nirenstein is a founding partner and vice president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his bachelor of arts degree in government from Clark University and his law degree from New York Law School.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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Complimentary Report: What Are The Gift Tax Exclusions in Connecticut
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