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Wealth transfer - Real life application
This isn't related to an exam question, but was reading through the wealth transfer taxes section and was wondering what constitutes a wealth transfer in terms of taxation. Below are some hypothetical situations that certainly can be considered wealth transfers in varying degrees, starting with issues that I can't fathom would trigger taxes and increasing in potential liability going down the list. (all in terms of parent-child relationship)
*Receive a Christmas present
*Receive $100 for a birthday
*Receive $10,000 for a wedding
*Parents give child furniture, appliances, TVs, etc for new home and buy new ones for themselves
*Parents purchase new furniture, appliances, TVs, etc directly for child's new home
*Parents purchase a car with title in child's name
*Parents open savings, brokerage, etc account in grown child's name with say $100, $10,000, or $1 million of funds
*Parents give $100,000 cash to child
*Parents estate passes onto child
As far as the readings go, the last two are obvious in triggering the gift tax and inheritance tax, but what about the ones in between? Not trying to look for loopholes but this seems awfully subjective and I doubt if a parent writes a $10,000 check to their 50 year-old son they consider the tax implications, let alone know they exist. Disclaimer: all situations are hypothetical with respect to myself except #1, I wish my parents were that giving! |
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发表于 2011-7-11 20:10
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