Gift Tax

Good News for Family LLCs

Posted on: May 11th, 2008
As a proponent of Family Limited Liability Companies (LLCs) for asset management, creditor protection, and ease of gifting, I was pleased to read about the U.S. Tax Court’s decision in Mirowski v. Commissioner, T.C. Memo 2008-74. ...

NC Gift Tax Reform Under Consideration

Posted on: March 31st, 2008
The Revenue Laws Study Committee of the North Carolina General Assembly is taking a look at reforming the North Carolina Gift Tax. ...

IRS to Publish New Proposed Regulations for 529 Plans

Posted on: March 1st, 2008
The IRS has announced that it will soon propose new regulations governing 529 College Savings Plans, which will (I) contain an anti-abuse rule (to prevent using 529 Plans to skirt gift tax rules);...

Gift and Estate Tax Planning for Non-Citizen Spouses

Posted on: July 4th, 2007
While non-citizens who reside in the U.S. are subject to U.S. income tax on their worldwide income, and U.S. estate tax for worldwide assets, they do not receive the same treatment as citizens when it comes to U.S. gift and estate taxes. ...

Making a Gift? – Make Sure You Know the Rules

Posted on: June 8th, 2007
Gifting property can be an effective way to spend down assets for future Medicaid eligibility and to reduce estate tax liability. Many people are not aware, however, that unless an exclusion or exemption applies, one must file federal and state tax returns on all gifts of property....

Caveat Emptor – When it Comes to Out-of-State Tax Preparers

Posted on: October 8th, 2006
I recently had a client come in who had made a gift of over $120,000 to her brother several years ago, using funds that had originally come from their mother. She used the mother’s accountant in Florida to prepare her gift tax return. ...
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