Gift tax law 101 says that in order for there to be a gift there has to be delivery and acceptance.
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As it stands today, on January 1, 2013, the federal estate and gift tax law will revert to those which were in effect in 2001.
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Only one civil servant has ever reported receiving a gift, even though the law requires all of them to do so.
New Life also claims the 1995 federal law has overridden a California law requiring issuers of gift annuities there to get state approval.
As 2012 drew to a close, Congress passed a law raising the top gift- and estate-tax rate to 40% from a maximum of 35%.
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Last year, Tennessee Gov. Bill Haslam signed into law legislation repealing the state gift tax and phasing out the state estate tax.
Different rules apply for federal estate and gift tax purposes, as well as state law.
While generosity with family members often occurs under the radar, the law is clear: if the gift exceeds a certain value and the Internal Revenue Service catches it, you could be forced to pay the tax as well as interest, and, in some cases, penalties.
Mid-America, which was sanctioned in 1996 by the Missouri Supreme Court for unauthorized practice of law, introduced New Life to the gift annuities business.
Assuming that you're in the top bracket for these transfer taxes no matter what and that the law doesn't change, the gift tax is the cheaper of the two.
Here's the key: Under current law, the limited partnership interests are valued for gift and estate tax purposes at what a hypothetical, unrelated buyer would pay for them.
Any gift-giving or transfer of assets that seniors undertake without the advice of a competent elder law and estate planning attorney can delay their eligibility when most needed.
Ms. MARIA RAY(ph): My name is Maria Ray and my ex-sister-in-law gave me a mug, which was given to her, which was a recycled gift from somebody to her.
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