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unified estate and gift tax |
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unified estate and gift tax n. in Federal estate taxes, the value of the estate plus gifts upon which no gift tax has been paid are combined to determine the assets upon which the tax is calculated. The estate tax "kicks in" at $600,000 for each deceased person. In larger estates an experienced accountant is virtually mandatory to determine the estate tax (if any) and prepare the tax return. (See: estate tax, gift tax) |
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In 2004, the EGTRRA effectively bifurcates the previously unified estate and gift tax system (a likely result of criticism that the income tax system would suffer from widespread erosion without a gift tax). One basic concept in planning for spouses is to ensure that each one has at least $600,000 of assets in his or her own name to preserve full use of the unified estate and gift tax credit. Shaines, DC NH, 4/25/01, accountants failed to inquire about prior stock transfers and their effect on a client's unified estate and gift tax credit. |
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unified estate and gift tax
