AndyS wrote:
- quote -

2 different things.
One still has a unified credit for $1M worth of gifting while alive,
which goes against their death amount. Make sense?

This year, the estate tax exemption is $3.5M. So I can gift over the
$13K/person, but tap into up to $1M of that exemption. Then on 12/31 I
die, and have only $2.5M to leave with no tax due.

Joe

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Andy writes:

As you know, in 2010 the Death Tax doesn't exist, but will
come back in 2011 unless Congress does something .

My question is:

Does that mean a person can give an unlimited amount to
another person as a gift in 2010 and, if the death tax comes back
in 2011 and the person dies, the government then goes after the
2010 gift as part of the estate ?


Andy in Eureka, Texas

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >