Gifting
To most people, gifting comes naturally and without analysis. However, it is important to make certain that you understand the legal and tax consequences to any gifts that you make prior to making the gifts. This article, while it discusses tax consequences, is not tax advice. Hypothetical 1: Rosie is not married and has one adult child. She recently had some health issues and decides it is now time to start gifting assets to her daughter. Her estate is worth $3,500,000. She knows that in Minnesota the estate tax exemption is $3,000,000 and there is no gift tax. So, she gifts...
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