Sentences with phrase «potential gift tax»

Unmarried couples need to also be aware of potential gift tax issues if they «add» a partner to the title of a home.

Otherwise, if it's a legitimate gift (no expectation of getting anything back) this idea may work — but don't forget about potential gift tax consequences.

Not exact matches

In recent years, trusts have been favored as a common gifting mechanism and a potential tax shelter from creditors.

If you make large lifetime gifts, the beneficiaries could take out life insurance against the potential inheritance tax bill.

Potential changes in the tax law next year make it a smart estate - planning strategy to give as a large of a gift now as possible.

In addition to receiving an income tax charitable deduction for the full market value of the property, the donor escapes any potential tax on the capital gain element in the gift property.

Gifts of stocks, bonds, mutual funds, and real property also qualify for a charitable income tax deduction, and help you avoid capital gains taxes and reduce potential estate taxes.

However, there are steps people can take to mitigate their potential IHT liability — including putting money into tax - efficient trusts and gifting to charities and / or loved ones.

There are, however, steps people can take to mitigate their potential IHT liability above the new allowances — including putting money into tax - efficient trusts, and gifting to charities and / or loved ones.

Not many estates will be subject to the 40 % tax assessed to those estates above this exemption, but this technique nonetheless creates the potential to cover estate taxes potentially assessed on an estate while creating a gift outside of the estate that the same beneficiaries can realize if they are named as beneficiaries of the ILIT.