Under the tax law, each person can give or bequeath up to $600,000 free of gift or estate taxes.
Even if the family lives harmoniously together, putting money in someone else's name can result in gift and estate taxes, which go up to 55 percent.
Money has now passed from the grantor to his/her children without gift or estate tax.
In the U.S., each citizen is granted a credit against the gift and estate tax.
This, the agency said, allowed her $40 million share to pass to Tex and his sons without payment of gift or estate taxes.
It also has sections on gift and estate taxes, Social Security and helpful tables.
Lower interest rates mean that more of the value of the asset can be passed to heirs without paying gift or estate taxes.
Last year, Congress voted to repeal the gift and estate tax.
President Bush has made repealing gift and estate taxes a centerpiece of his tax cut plan.
The reason: Congress may tighten the laws governing gift and estate taxes.
Under the tax law, each person can give or bequeath up to $600,000 free of gift or estate taxes.
Even if the family lives harmoniously together, putting money in someone else's name can result in gift and estate taxes, which go up to 55 percent.
Money has now passed from the grantor to his/her children without gift or estate tax.
In the U.S., each citizen is granted a credit against the gift and estate tax.
This, the agency said, allowed her $40 million share to pass to Tex and his sons without payment of gift or estate taxes.
It also has sections on gift and estate taxes, Social Security and helpful tables.
Lower interest rates mean that more of the value of the asset can be passed to heirs without paying gift or estate taxes.
Last year, Congress voted to repeal the gift and estate tax.
President Bush has made repealing gift and estate taxes a centerpiece of his tax cut plan.
The reason: Congress may tighten the laws governing gift and estate taxes.
