Tag Archive for gift tax

Did Mom Loan or Gift Money to Brother?

Whether Mom intended the cash that she gave to your brother to be a loan or a gift can be a contentious issue when it’s time to divvy up Mom’s estate after Mom’s death.

Mom may have wanted everything she owns divided equally among her three children.  But what about that money that Mom gave to your brother before her death?  Was it an outright gift? Was it a loan which was to be repaid? Was it an advance against brother’s share of Mom’s estate?  Will brother end up with more than his one-third share in the end? » Read more..

Claiming Residence in Another State to Flee Minnesota’s Taxes?

If you’re trying to avoid Minnesota’s estate, gift and income taxes by claiming another state as your state of residence, Minnesota’s tax collector – the Minnesota Department of Revenue – will be watching. » Read more..

Cons Outweigh the Pros in Deeding Your Home to Your Kids Before You Die

Parents who share ownership of the parental home with their children (“jointly held”) – or gift the home entirely to their children — during the parents’ lifetime invite trouble rather than accomplish effective estate planning. » Read more..

Uncle Sam’s Year-End Gift to You

Starting in 2013, the annual exclusion amount from gift taxes will increase from the current $13,000 per year to $14,000. » Read more..

14 Misconceptions Regarding Estate Planning

Mistake #1: A Will controls the distribution of all of the deceased’s possessions. Reality: The Will only controls the distribution of the deceased’s “probate estate”. Not included in the probate estate are jointly held property, transfer on death (T.O.D.) accounts, payable on death (P.O.D.) accounts, and property that passes based on beneficiary designations. For example, life insurance proceeds and retirement benefits pass based on beneficiary designations. » Read more..

Death Means Tax Talk Galore. Oh My!

Most of us are familiar with income taxes and property taxes, but death triggers the discussion of a jungle of other taxes: estate taxes, inheritance taxes, capital gains taxes and gift taxes. What’s the difference? » Read more..