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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
You can safely gift stock under the annual gift exclusion, which allows individuals to give up to $17,000 annually (for 2023) or $18,000 (for 2024) to any number of recipients without incurring a ...
Upstream gifting is a tax and estate planning strategy that calls on giving highly-appreciated assets to someone in an older generation, who in turns leaves the assets to the original owner's ...
When a taxable gift in the form of cash, stocks, real estate, gift cards, [2] or other tangible or intangible property is made, the tax is usually imposed on the donor (the giver) unless there is a retention of an interest which delays completion of the gift. A transfer is "completely gratuitous" when the donor receives nothing of value in ...
Chika Sunquist was appointed Commissioner of the California Department of Real Estate (DRE) by Governor Gavin Newsom on November 28, 2023, and she assumed office on January 3, 2024. [5] Real estate licensing is subject to both the Real Estate Law and the Regulations of the Commissioner, which have the force and effect of law.
The post ‘Upstream Gifting’ Can Help You Avoid Estate Taxes and Preserve Your Stepped-Up Basis appeared first on SmartReads by SmartAsset. The Gifting Strategy That Could Help You Avoid Estate ...
Non-resident aliens and foreigners have a $60,000 exclusion instead, although this amount may be higher if a gift and estate tax treaty applies. For estate tax purposes, the test determining who is a non-resident alien is different than the one for income tax purposes. The inquiry centers around the decedent's domicile.
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