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View Diary: The Estate Tax: Tough Questions and Honest Answers (49 comments)

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  •  Actually, they can't give an unlimited amout (0+ / 0-)

    there is a federal gift tax, for which you can use %$1.0 million of the $2.0 million of credit you can used against the estate tax

    the idea is to tax the transfer of wealth... whether during life or death.. in order to avoid income shifting

    interestingly enough, when the estate tax is repealed in 2010, the gift tax stays to avoid shifting assets to family members in lower tax brackets

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