Chapter 11 – The Best Ways to Transfer Wealth and Cut Taxes for the Next Generation

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  1. Can anyone provide some clarification on the following:
    At the bottom of page 216 it says “…the excess gift reduces the amount of your estate that will be taxable…”.
    At the top of page 217 it says “…if you gift more than the annual limit, the amount of your estate that can be excluded from federal estate tax is reduced by the amount of the excess gift.”. If I gift more than the $14,000/year, my taxable estate is reduced (1st sentence) …or is the amount of my estate that is excluded from tax reduced (2nd sentence)?
    Does it depend on the gift tax return that I am required to file, and whether or not I choose to pay tax on the excess at that time?
    Thanks

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