ABSTRACT
The gift tax has been a part of the tax code since 1924. Since that time it has been a major part of estate planning to help reduce some of the tax burden associated with estate taxes. Tax professionals can help client use gifts to reduce the overall tax assessment that will accompany estate taxes. The following article will help tax professionals with understanding the gift tax better and provides scenarios to as a guide to reducing gift and estate taxes.
Keywords
Gift tax, estate planning, estate taxes, tax-strategy