The IRS has released Publication 950 (rev. Dec. 2009), Introduction to Estate and Gift Taxes. The publication provides a general understanding of when estate and gift taxes. It explains how much money or property taxpayers can give away during their lifetime or leave to their heirs at their death before any tax will be owed. It also discusses the generation-skipping transfer tax, and new changes to existing estate and gift tax law.
Posted by Marc Patterson, Managing Associate Editor, Wealth Strategies Journal.
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