Gift, Estate, and Generation-Skipping Transfer Taxes

As if taxes on what we earn by working or selling property isn't enough, we also have to be concerned with taxes that can be levied on gifts we make while we're alive, and the transfer of our property at death.

Gift taxes and estate taxes are discussed together in this article because the tax law combines them.

We also discuss Generation-Skipping Transfer Taxes here because they are closely related to estate taxes.

If you can minimize taxes, you'll be able to pass on as much of your assets as possible to the people and/or causes you care about. Minimizing estate taxes beyond the use of non-taxable gifts is beyond our scope.

If your current estate with or without your spouse's assets, plus all the taxable gifts you've made since 1976 is near or over $12,060,000, consider consulting with a tax attorney, certified financial planner or other estate planning professional to determine if you are subject to estate tax, and if so, how to minimize the tax. If your condition might be terminal, be sure to be upfront about your situation so that the expert can plan appropriately.

• Which Gifts Are Taxable?
• When Must I File A Gift Tax Return?  
  
• What Is The Unified Credit For Gift And Estate Taxes? 
  
• If I Make Taxable Gifts, Will I Have To Pay Tax?
  
• What Is The Estate Tax?  
  
• What Is The Generation-Skipping Transfer Tax (GSTT)? 
• What Is The Gift Tax? 
  
• Can I Take An Income-Tax Deduction For Gifts I Make?
  
• Does The Person I Give A Gift To Have To Pay Taxes?
  
• What Is In My Gross Estate?
  
• What Is My Taxable Estate?  
  
• Will My Estate Have To File An Estate Tax Return?
  
• Will My Heirs Have To Pay Tax On Their Inheritance? 
  

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