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Transfers
Within Three Years of Death
Some gifts made
within 3 years of death are included in the taxable estate.
Also the amount of any gift tax paid on them is included in
the estate. This rule is an attempt to prevent use of death
bed transfers to get the gift tax paid out of the estate.
The gifts that are included under this rule are:
- transfer with
a retained life estate or where the right to designate a
beneficiary is retained;
- transfers
effective at death;
- revocable
transfers;
- transfers of
ownership of life insurance policies.
NOTE: There
currently is no Federal or state estate tax or generation
skipping tax. The gift tax is still in effect. Whether or
not the estate and generation skipping taxes will be
reinstated this year is not known. Many people expect
that they will be reinstated, but what will happen is not
known. What the rates and exemptions will be if the
taxes are reinstated is also not
known. Click
here for more.
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