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| Basically how it is. Actually doesn't it return to $600,000 limit, not $1million?
There are fancy ways of gifting a small amount every year. Takes a good tax CPA/ lawyer to set such things up. Laws get tweeked every 3-5 years, so have to keep on top of the rules. Each state can have it's own limits as well, so you have to keep them in mind for maximum value.
The taxes apply to any inheritance situation; hits farmers more than most because we gather assets rather than paper money over our lives, and then hit with a big tax due, need to sell off the farm to pay the taxes. Rich folk with paper assets can pay taxes with liquid assets, divide up the rest. Farmer often wishes to give farm assets to one or 2 heirs; the rest to other non-farming heirs. But the govt is in line fist, and takes all the liquid assets & parts of the farm, leaving a mess to divide to the heirs and keep the farm in the family.
Short version of a very complex situation.
--->Paul
--->Paul | |
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Season for greedy American heirs.
