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Estate Planning, 5E by Stephen Maple

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CHAPTER17

Gifts and Gift Taxes

In This Chapter

  • Which gifts are taxed and how
  • Where you’re tax free
  • Ways around the tax
  • Gifts to minors

A gift is a thoughtful, sometimes simple, gesture. The Internal Revenue Service (IRS) may see it differently, though, and it can slap you or your estate with quite a tax. You might have done things differently if you had known the tax and estate ramifications of your generosity.

Let’s see how you can make someone else happy, while keeping a smile on your own face.

How to Present a Gift

Legally, there are certain elements of giving that make a gift a gift, as far as your estate plan goes, and also with the IRS ...

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