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Patrick D. Newton, P.C.
Family Wealth & Business Counsel
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Home Tax Archive by category "Estate Tax"

Category: Estate Tax

Do I have to file Gift Tax returns for the gifts to my Insurance Trust?

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Insurance, Tax

Filing a gift tax return for an Irrevocable Life Insurance Trust (ILIT), even if not technically required because all gifts are below the annual exclusion, is a good idea. Benefits: Filing starts the statute of limitations running on the IRS to audit the gift. Filing allows you to decide affirmatively …

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Spousal Gift Planning

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Irrevocable Trusts, Tax

People with potential taxable estates should consider maximum utilization of the Annual Exclusion. The Annual Exclusion is an amount a person (the Donor) can give to another person (the Donee) without any gift tax consequences. The current Annual Exclusion amount is $14,000 per Donee. So you could give 10 people …

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Irrevocable Life Insurance Trusts (ILITs)

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Insurance, Irrevocable Trusts, Tax

An ILIT is just an irrevocable trust that holds life insurance. An ILIT is used to make the death benefit escape estate tax. Life insurance already escapes income tax. Avoiding both tax systems can make life insurance a very attractive investment for the future of your family. With the estate …

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