Estate and Gift Taxes

Question: When my children will need to pay a Massachusetts estate tax after my death, will that deductible from their federal income taxes? I read somewhere that it is. Response: No. State [...]

Question: A gift of an existing life insurance policy within 3 years of death is included in the gross estate and taxable at the federal level. It is also included in the Massachusetts gross [...]

Question: If a spouse passes away and has ABC trust structure (marital trust, bypass trust, QTIP trust) and each of these trusts are funded for the benefit of the surviving spouse, are any of [...]

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: I live in Massachusetts. Say my estate is about $1.2 million, my case.  So I gift my daughter $300,000 cash and file a form 709 gift tax return. The excess over $15,000 reduces my [...]

Question: Is it possible to gift an adult child $15,000 segments of his parents’ S-Corp annually (both parents, so $30,000 a year) in order gradually to give him business control but also [...]

Question: I am the executor of my mother’s estate which calls for her assets to be divided between her five children. My mother’s property has been sold and all distributions will be [...]

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: I’m planning to give my daughter the money she needs for the downpayment on her new house. What I would like to know is the formality of giving the gift of $100,000. Do I just [...]

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 [...]