But the "generation skipping" tax on gifts to grandkids has disappeared, meaning some of the healthy wealthy are now rushing to capitalize on the lapse with family gifts.
Family gifts that finance the living expenses of a college student who otherwise appears in the statistics as a low income household are also not counted, again exaggerating income inequality, or at least differences in standard of living.
Plus bosses of the parents and extended family give hefty gifts.
In lending to family, you must play around two big sand traps -- the rules governing no-interest loans and the IRS' desire to recast family loans as gifts.
Indeed, you will be celebrating your New Year in much the same way that we Americans mark our holidays -- by gathering with friends and family, exchanging gifts and stories, and looking to the future with a renewed sense of hope.
Mr Stewart worked for the royal family for 53 years and collected a number of gifts from the family and their visitors.
BBC: Online insight into Scots life in the early 20th century
It's aided by the fact that, through a private foundation, the family can direct the gifts.
Then there was a steady stream of advice about how to approach large gifts to family.
FORBES: Finally, Estate Planners Can Read The Tax Code -- Not The Tea Leaves
But she totally blew through the money with her own spending, bad investments, gifts to family and gambling.
The court will also consider your spouse's access to family trust funds and gifts when performing the calculus of property distribution.
The streets teem with shoppers keenly stocking up on everything from fancy new clothes and festive household decorations, to gifts for family, friends and business acquaintances.
On Wednesday, Sen Manchin said allegations by America's top gun lobby group, the National Rifle Association, that the proposal would require checks for sales and gifts between family and friends and lead to a national registry as "a lie".
Consumers surveyed state the largest chunk of the holiday budget (47.75%) will be used on gifts for the family.
Ask colleagues, family and friends to skip gifts for your birthday, anniversary or holidays but instead make donations to your cause.
Toys are purchased as gifts, for immediate family members and for extended family members.
FORBES: Battle Grounds Among Toy Retailers: Breaking Down The Consumer Demographics
This year, I had been mulling in my mind the idea of exchanging fewer gifts at the large family dinner we do each year.
FORBES: Want to Change Your Gifting Ritual? Propose Changes at Thanksgiving
The company held annual family outing days, provided Christmas gifts and holiday parties for children of employees and provided a recreation facility for families to gather and spend their summer days.
FORBES: Mourning The IBM Country Club And End Of The Corporate Family
Among the gifts from the Royal Family and UK PM David Cameron to US President Barack Obama in 2011 were a china tea set, an eagle tapestry and a dog toy, the US state department has revealed.
Tricia Ross, whose husband, Jeffrey, is a Navy lieutenant deployed with a Marine force in the Persian Gulf, said her family would open half their Christmas gifts on Christmas Day, and the other half in February, when her husband comes home.
Some home buyers have tapped into the bank of mom and dad, receiving gifts or loans from family members. (A 2012 National Association of Realtors survey found that 30% of first-time home buyers received funding from relatives for downpayments.) Many others have pooled together funds to pay all-cash, fueling about 30% of all home sales in the past year compared to about 10% a decade ago, according to NAR.
FORBES: From Pet Spas To Digital Brokerages, The Most Unusual Housing Trends To Track In 2013
You give holiday gifts to nurture and celebrate family and friends.
The Internal Revenue Service has a low-profile but sweeping effort under way to use state land-transfer records for evidence of omissions in reporting gifts of real estate to family members.
If you have two children and want each to share equally in your wealth, you could simply make equal gifts to each child and his family each year.
Since you are essentially buying a policy that benefits your family, those premium payments would normally be considered gifts to your beneficiaries.
Some tax planning--for example, using a family limited partnership to reduce the taxable value of gifts--holds up best when it's done for nontax reasons, too.
Blige, the holidays are about cooking, gifts, eating and, of course, family.
There was a tightness in my chest that released, and seeing the smiling faces of my CS family looking back at me was one of the greatest gifts of the day.
Talk with your family, friends and co-workers about drawing names for gifts this holiday season.
Did you make gifts at year-end to kids and other family members, hoping to clean up your estate?
She says she'd forego material gifts entirely for a little more quality time with her family.
应用推荐