As you know, in 2010 the Death Tax doesn't exist, but will come back in 2011 unless Congress does something .
My question is:
Does that mean a person can give an unlimited amount to another person as a gift in 2010 and, if the death tax comes back in 2011 and the person dies, the government then goes after the
Andy in Eureka, Texas
2 different things. One still has a unified credit for $1M worth of gifting while alive, which goes against their death amount. Make sense?
This year, the estate tax exemption is $3.5M. So I can gift over the $13K/person, but tap into up to $1M of that exemption. Then on 12/31 I die, and have only $2.5M to leave with no tax due.
Joe
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