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
2010 gift as part of the estate ?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
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.