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Receiving Cattle as a Gift
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<blockquote data-quote="Brandonm22" data-source="post: 705392" data-attributes="member: 7645"><p>Be careful with that!! The death tax laws change in 2010 and again in 2011, although the new Congress is expected to alter them again sometimes soon. The current estate tax is 45%, NEXT YEAR there will be no death tax, in 2011 and beyond the top rate bounces back to 55%, though the Congress is likely to change that before it happens. This is also why you need a CPA to develop a wealth transfer plan. YOU can gift MUCH larger amounts than the $13,000 a year individual ($26,000 a year for a married couple filing jointly) up to a $million limit lifetime (gift taxes would then have to be paid on any gifts after the $million threshold), but IF you do it decreases that $3.5 million exclusion at the time of death.....since that 55% rate is the highest tax rate of any income I can think of currently on the books I would not casually burn up that $3.5 million especially factoring in what inflation COULD do in the next ten years.</p></blockquote><p></p>
[QUOTE="Brandonm22, post: 705392, member: 7645"] Be careful with that!! The death tax laws change in 2010 and again in 2011, although the new Congress is expected to alter them again sometimes soon. The current estate tax is 45%, NEXT YEAR there will be no death tax, in 2011 and beyond the top rate bounces back to 55%, though the Congress is likely to change that before it happens. This is also why you need a CPA to develop a wealth transfer plan. YOU can gift MUCH larger amounts than the $13,000 a year individual ($26,000 a year for a married couple filing jointly) up to a $million limit lifetime (gift taxes would then have to be paid on any gifts after the $million threshold), but IF you do it decreases that $3.5 million exclusion at the time of death.....since that 55% rate is the highest tax rate of any income I can think of currently on the books I would not casually burn up that $3.5 million especially factoring in what inflation COULD do in the next ten years. [/QUOTE]
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