Since Scott died within three years of the ownership transfer, the life insurance proceeds will still be included in his gross estate. Life insurance proceeds are tax-free if paid directly to the beneficiary. No gift or generation-skipping transfer tax will be due.
Shane can pass an unlimited amount of assets to his spouse with no gift tax, generation-skipping transfer tax, income tax or capital gain consequences.
If Roger gifts more than $14,000 directly to any individual in 2013, he will expose himself to the gift tax. Payment of medical expenses for anyone in any amount directly to the medical facility is not taxed under the gift or estate tax.
If Debby pays the tuition of the grandson directly to the college the amount is unlimited, but a direct gift to her grandson for college expenses cannot exceed $14,000 in 2013 to avoid gift taxes.
Assets do not qualify for the marital deduction. They are taxed in the estate of the first spouse to die.
RetirementWhen organizing your affairs, you'll need to be aware of tax rates and other regulations.
TaxesIf you're not sure what gift taxes are, read on and we'll explain.
Financial AdvisorEstate planning is not just for inheritance. High net-worth individuals, who plan properly, can gift their money and save on taxes.
TaxesThe lifetime maximum for gift taxes is $5.12 million. However, it could drop to $1 million. Here's what that will mean.
RetirementThis"best gifts list" of the most thoughtful retirement gifts for men includes items appropriate as gifts from co-workers, friends or family members.
TaxesTaxes are often a deterrent from investing and saving. These financial practices will bring you no tax grief.
Financial AdvisorA quick estate planning guide for high-net-worth individuals to help minimize taxes and costs, protect assets and plan for care.
Personal FinanceGift cards are big business, amounting to an estimated $91 billion in annual retail spending. Get the most bang for your gift card buck.
RetirementMany people try to avoid this process altogether, making things difficult for heirs.
InsightsAn unbelievable amount of money gets wasted in the form of non-redemption: nearly $5 billion a year. These tips will ensure that your gift card gift doesn't go to waste.