Is there any linkage between use of the Gift Tax Lifetime Exemption and: (1) The Federal Estate Tax Equivalent Exemption or (2) The GST Exemption?
For example, if I gift $113,000 to a grandchild this year, I will have used up $100,000 of my Gift Tax Lifetime Exemption. When estate tax and GST returns in 2011, will either the Estate Tax Equivalent Exemption or the GST Exemption be reduced by $100,000?
Thanks