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gift tax Tag

29 Dec

Posted at 12:39h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts

As of January 1, 2024, you can give up to $18,000 per year, per person (other than gifts of future interests) without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum...

01 Dec

Posted at 12:09h in Estate Planning, Medicaid Application, Medicaid Planning, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death

As of January 1, 2023, you can give up to $17,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...

11 Jul

Posted at 10:59h in 529 plan, Disability Benefits, End of Life Care Planning, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Michael Cohen Dallas Elder Lawyer, Probate Administration, Taxes, Transfer of Death, Trusts, utma

It is not unusual that grandparents want to help pay for a grandchild’s wedding, college or private school education, camp, car or other items which they feel may help a grandchild. However, the following matters should be considered before a grandparent makes a gift to...

15 Mar

Posted at 20:42h in Beneficiary, Estate Planning, Inheritance, Medicaid Planning, Probate Administration, Retirement, Social Security, Taxes, Trusts

There are often misconceptions on some basic tax issues in planning (income, gifts, estate, etc.). The following describes some of the common issues where there is a lack of understanding. Trusts do not need a separate tax identification number if you retain enough control Since you retain...

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