Question: I have a 3 questions about the timing and documentation of gifting: 1. If gift checks were written in 2018, but not cashed until 2019, in what year are they counted? 2. If gift checks [...]
Question: If I make a gift of $15,000 shares of property I own to each of my children, do I also have to put them on the property title as co owners of the property? It’s my understanding [...]
Question: My parents had a gift tax appraisal for a farm in 2013 it was done by the brother-in-law of one of the donees. I read that the appraiser should not be the donor or the donee of the [...]
Can a Massachusetts Resident Avoid Estate Taxes by Making Gifts to Get Below the $1 Million Threshold?
Question: If you are a Massachusetts resident and have $3 million, give away $2.5 million and die four years later, so that your taxable estate is $500,000, do you avoid the Massachusetts estate [...]
While it’s unlikely that your estate will be subject to federal estate taxes given the $11.4 million threshold (in 2019), it may well have to pay state estate or inheritance taxes. Whereas estate [...]