The tax and legal consequences of gifting your estate
Posted on Monday, November 30th, 2009 at 5:02 am
As people approach and begin retirement, they often think about and plan for the future of their children. As part of these plans, they often consider gifting assets, including cash and property.
These gifts are often subject to legal and tax consequences. For instance, the donor may be subject to a tax known as the gift tax. This tax is often based on the fair market value of the gifted asset.
This tax, however, is limited by a number of exemptions. One of these exemptions includes a provision that allows donors to gift assets worth a certain amount tax-free.
If you or anyone you know has questions about the gift tax, contact the Des Moines gift tax lawyers of LaMarca Law Group, P.C., at (877) 327-2600.