Intra-Family Transfers

The tax code allows any individual to gift up to $13,000 to another individual without incurring any gift tax liabilities. Married couples can gift up to $26,000 to each family member (each year) to remove income producing or low cost basis securities, or other investments from their estate.

Income Splitting:
By splitting property with joint ownership, you can divide your income among several persons that will pay an aggregate tax lower than the tax you would pay if you reported all of the income. Family income planning through the use of trusts and custodian accounts can provide advantageous tax breaks and opportunities.

Sample Questions 1 - 3

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