Recent PLR Clarifies Late Allocation of GSTT Exemption With Defective Split Gift
As discussed in a prior blog, the generation skipping transfer tax (“GSTT”) is a draconian tax of 40% on transfers to certain unrelated individuals younger than 37.5 years of the transferor, grandchildren and more remote descendants. Fortunately, however, Congress...
2013 Gift Tax Exclusions
In Revenue Procedure 2012-41 the IRS announced the annual gift tax exclusions for 2013. The 2013 annual gift tax exclusion amount for a gift to a non-spouse increased for the first time since 2009 ($13,000) to $14,000 per gift. Thus, a taxpayer can give up to $14,000...