Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 06-05-2015, 10:08 PM   #21
Thinks s/he gets paid by the post
Join Date: Dec 2014
Posts: 1,850
so... my ramblings are useful? hope so. follow the rules and use them to do the best you can.

bingybear is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-06-2015, 07:29 AM   #22
Thinks s/he gets paid by the post
ivinsfan's Avatar
Join Date: Feb 2007
Posts: 2,553
Originally Posted by packrat44 View Post
I went into the Washington State tax site and they do not have a "gift" tax. Therefore, DW and I could gift to our daughter above the Fed exclusion and file the appropriate paperwork each year. We have no expectation of ever reaching the Fed estate tax exclusion as it is posted today. However, Wa State does a look-back for 3 years prior to death and any amount of gifting above the Fed gift exclusion is added back into the Wa State estate value for tax purposes. Sounds fair enough. Just do not wait until near end-of-life to make any heavy gifting.
That's good news and I hope that no matter how much you like your DIL you consider just giving your DS and DD the same amount of money and filing the returns as needed, especially since you aren't going to pay federal estate tax.
Stuff happens and a check with her name on it marked gift, is hers and hers alone..then again, aside from funding a Roth, I'm not a big fan of gifting "extra" money to adult kids as I worry it leads to lifestyle inflation and other issues.We have state tax estate issues too and haven't even considered this path.

I'm a little confused about your "gift tax" comment, the returns just keep track of the extra money you give above the ceiling and add it to your estate total.

ivinsfan is offline   Reply With Quote
Old 06-06-2015, 10:37 AM   #23
Recycles dryer sheets
Join Date: Jun 2010
Location: Southwest Florida
Posts: 344
Originally Posted by bingybear View Post
not sure about this.... can you set up a trust to make up the difference? not sure is funding a irrevocable trust for the benefit of your daughter would count as a gift to her. Just grabbing at straws.
Oh yes it would be a gift to the daughter and also not very practical with smaller amounts.

Gill is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance exclusion wording for GERD / Acid Reflux ItDontMeanAThing Health and Early Retirement 2 12-08-2012 09:25 PM
Exclusion Rider for Individual Health Policy - how does it work? pixelville Health and Early Retirement 5 08-31-2010 09:53 PM
Apparent COBRA exclusion: what now? brewer12345 Health and Early Retirement 12 09-13-2008 11:12 AM
Foreign Income Exclusion--working abroad kaneohe FIRE and Money 13 04-05-2006 12:18 AM


All times are GMT -6. The time now is 12:37 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.