People use gifting either at death or during life as a way to reduce taxes. Here, we will look at different types of gifts and see where and how gifting is best done. Donna decides to try to lower the amount of her estate by gifting money to her children. She gifts $10,000 to her daughter Amy, $12,000 to her son Jim, and $10,000 to her stepson Pat. Will any of the gifts she has made be subject to gift tax? If so, which ones and why? Donna has also prepared a will leaving $500,000 to her church and the rest to her husband, Don. Will her bequest to her church and her husband be subject to taxes?

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The answer to this question depends on the country in which Donna lives In the United States for e... View the full answer