Gift-Splitting

Gift-Splitting Decision Tree

Many married couples are aware that the Federal gift tax law permits gifts made by a husband or wife to a third party to be considered for tax purposes as made one-half by each spouse.  This so-called "gift-splitting" rule under Section…

As the Federal and state governments impose much more onerous estate and inheritance tax laws, such as Chapter 14 of the Internal Revenue Code, it becomes more difficult, expensive and complex for property owners to arrange for the transfer…

As a result of the Tax Reform Act of 1976, the federal estate and gift tax systems were "unified." This unification produced three common features for the estate and gift tax system. First, the rates of taxation for lifetime gifts and…