Category Archives: Gift Tax

Using Crummey Trust for Tax Free Gifts to Children

There are very tax efficient ways to pass wealth from a parent to a child when there are potential estate tax considerations.   Using Crummey Trust for Tax Free Gifts to Children Oftentimes inter-generational wealth is passed by amounts not exceeding the gift tax exclusion limit. Many parents and grandparents make their annual gifts to… Read More »

Gift Tax Exclusion Explanation

In addition to income taxes, there are also gift taxes that taxpayers with higher amounts of assets must become familiar with. Taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of their gift-tax exclusions. The statutory exclusion amount ($10,000) is adjusted for inflation annually, using… Read More »