Estate Flashcards
1
Q
Gift tax exclusion (2023)
A
$17K
2
Q
Exemption amount (2023)
A
For both estate and gift. $12.92/25.84M
3
Q
Exclusions to gift tax
A
Annual exemption
Gifts to spouse
Tuition or medical expenses on someone else’s behalf
Charitable contributions
Certain political donations
4
Q
Portability rules
A
Married at death
Must file 706 return
5
Q
Why use portability?
A
Had no plan before. Can take exemption and move on
6
Q
Cons of portability
A
Must file return
Usually have to do valuation
No control or protection (vs assets in trust)
7
Q
Unlimited Marital Deducation
A
No limit. Postpones but doesn’t eliminate FET - tax paid at SS’s death (unless spent or gifted)
8
Q
A
