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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 40158
Experience:  Texas lawyer for 30 years in Estate law
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In Massachusetts, if a 300K were to be gifted from a revocable

Customer Question

In Massachusetts, if a 300K were to be gifted from a revocable trust days before death, does this gift need to be included in the total estate for tax (and charitable contributions) - Note: Will has charitable contribution of 20%.
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
Hi and welcome to JA. Ray here to help you. No it does not.This is a trust distribution and not part of the estate assets here.This is counted against the lifetime gift tax exclusion of $5,450,000 but again it is not part of the estate.It is an intervivo gift to the beneficiary and not part of the estate here. Referencehttp://www.mclane.com/thought-leadership/lifetime-gifting-to-reduce-massachusetts-estate-tax I appreciate the chance to help you tonight.Thanks again.
Expert:  RayAnswers replied 1 year ago.
It would be reported as a gift for informational purposes on the trust return.Thats all that is required.IRS tracks gifts here to keep up with the $5,450,00 limits.
Expert:  RayAnswers replied 1 year ago.
If you can positive rate it is always much appreciated.