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.
TaxesThe lifetime maximum for gift taxes is $5.12 million. However, it could drop to $1 million. Here's what that will mean.
InsightsHere's a look at how much you should spend and what you should give this holiday season.
TaxesTaxes are often a deterrent from investing and saving. These financial practices will bring you no tax grief.
TaxesHere's a look at tax strategies for itemized deductions, charitable gifts and other tax credits.
Financial AdvisorA quick estate planning guide for high-net-worth individuals to help minimize taxes and costs, protect assets and plan for care.
InsuranceDecrease the value of your taxable estate and prevent the tax man from getting you one last time.
Personal FinanceTalking Christmas gift budgets with family members can be hard, but having the talk will help you stay on track financially.
Personal FinanceUse these tips whether you're buying someone a gift or just want to score a discount at your favorite stores.