US ESTATE AND GIFT TAXATION
Making A Gift

Did I have to file a tax return if I make a Gift? And Estate Tax return?

US citizens (or non-citizens who own assets in the US) must file a US Gift Tax return if they make life-time Gifts. Further, at death, the executor of your estate must also file an Estate Tax return. There are certain exemptions and exclusions available to you for small gifts and for estates that do not exceed certain limits. We can assist you (or your executor) in the determination of whether a return is due, and if so, in the preparation of the return.

Do I have to pay US Gift or Estate Tax on property I give to my spouse?

If your spouse is a US citizen then no, you do not have to pay Gift or Estate Tax. But if you spouse is not a US citizen (even if a Green Card Holder) you must pay a tax. During you life you can give annual gifts of $100,000 (adjusted for inflation) to your non-US citizen spouse with incurring a gift tax. At death, you will be subject to Estate Tax on transfers to your non-US citizen spouse unless the assets are transferred to a Qualified Domestic Trust (QDOT). We can help you plan your gifting to your non-citizen spouse as well as assist your attorney/solicitor in the drafting the QDOT provisions.

Do I have to pay Gift Tax on Gifts to my children?

You can make annual gifts to your children (or to anybody else) of up to $10,000 (adjusted for inflation) without incurring a Gift Tax charge. Not all gifts however, are eligible for this exclusion. We can help you structure your lifetime gifting program to take advantage of this annual exclusion.