What Should I Know About Gift Taxes?

Video Transcription:

Gift tax is a federal wealth transfer tax imposed on any gift that you make to anyone other than a spouse during your lifetime, as opposed to estate tax, which is a tax on any gift made upon your death. It is really one and the same tax. It’s the same tax rate, it’s the same tax brackets, between the gift tax and the estate tax. It’s just that the gift tax is imposed during your lifetime, and the estate tax is imposed upon your death. Have more questions? Then contact us today to schedule a free consultation! Doane & Doane Top rated Tax & Estate Planning Attorneys