Question: As a practical matter, how would Massachusetts determine the amount of taxable gifts for estate tax purposes since gifts in small but taxable amounts could have been given over the lifetime of the giver? There may be no existing documents for gifts given decades ago. Also would the tax on a $20,000 gift be […]

Question: I am the trustee for a nominee trust that holds a family home and trustee for a family trust which is listed on the schedule of beneficiaries of the nominee trust. Do I need the permission of the person who is the family trust beneficiary in order to sell the home? Response: Probably not. […]

Question: I set up ILIT 20 years ago and added cash and sent the required Crummey letters each year. I’m now thinking of making a large gift to the trust and filing a gift tax return covering the excess. Does this work ? Response: Yes, that does work. For readers who don’t know, an “ILIT” […]