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Reply to "Parents overly generous to point of embarrassment "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You understand that for tax purposes, a gift to you doesn't not have the same benefit to the gift-giver that giving to a charity does, right? There's no 40% tax savings or avoidance. [/quote] There is if the estate is over the estate tax exemption limit which is currently ~10.7 million for a married couple. Anything over this amount is taxed at 40%. Unless Trump gets elected and gets rid of the estate tax altogether. :) [/quote] Or if they're in a low threshold state like NY. My dads estate was worth only $1.8 million, and we paid $85k in estate taxes to NY. [/quote]
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