Gift taxes are taxes that supplement the Estate Tax. Gift taxes are placed on gifts given away to any person while you are still living, so that you may not avoid estate taxes by making gifts of your estate. You may give up to $12,000 a year in cash or assets to an unlimited number of people each year without incurring gift tax liability, but the gifts must have no conditions attached. Married couples can give, as a couple, a $24,000 gift per year to as many people as they want. Under federal tax law, gifts totaling more than $12,000 to one person in one year are considered a taxable gift and generate a potential gift tax. It does not matter if you give one $13,000 gift or 13 gifts of $1,000 each, or one gift of $12,000 and a "birthday gift" of $1,000.
Gifts beyond the $12,000 limit (there is an exception for gifts that are directly paid by the gift giver for tuition and medical expenses) are considered "taxable gifts." Taxable gifts create liability for a gift tax. But gift tax is not due to be paid until you give away over $1,000,000 in your lifetime.
The Oregon Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse is a legal document that outlines the process of gifting cash over a specific period to a recipient, with the option to split the gift with one's spouse. This declaration is applicable in the state of Oregon and serves as a way to ensure proper documentation and adherence to state laws when giving monetary gifts. The Oregon Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse can be categorized into different types based on the nature of the gift and the period over which it is to be given: 1. Regular Annual Gift: This type of declaration involves making a cash gift to a recipient on an annual basis for a specified number of years. The gift amount may be split with the spouse if desired. 2. Gradual Incremental Gift: In this type, the cash gift starts at a particular amount and gradually increases over the designated period. It ensures a gradual increase in the monetary value of the gift, while also providing the option to split it with a spouse. 3. Lump Sum Deferred Gift: This declaration involves a one-time cash gift that is deferred over a specific period. The gift amount is split with the spouse according to predetermined terms. 4. Accelerated Gift: This type of declaration allows the gifted to provide a larger cash gift than the regular annual amount for a particular year, while still maintaining the overall period of gifting. The gift can be split with the spouse as per the preferences stated in the declaration. 5. Adjustable Period Gift: This declaration allows flexibility in determining the period over which the cash gift will be given. The giver has the option to adjust the gift period as necessary, and the gift amount can be split with the spouse accordingly. It is important to consult with a qualified attorney or financial advisor when drafting an Oregon Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse to ensure compliance with state laws and to accurately reflect the individual's intentions regarding the monetary gift.The Oregon Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse is a legal document that outlines the process of gifting cash over a specific period to a recipient, with the option to split the gift with one's spouse. This declaration is applicable in the state of Oregon and serves as a way to ensure proper documentation and adherence to state laws when giving monetary gifts. The Oregon Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse can be categorized into different types based on the nature of the gift and the period over which it is to be given: 1. Regular Annual Gift: This type of declaration involves making a cash gift to a recipient on an annual basis for a specified number of years. The gift amount may be split with the spouse if desired. 2. Gradual Incremental Gift: In this type, the cash gift starts at a particular amount and gradually increases over the designated period. It ensures a gradual increase in the monetary value of the gift, while also providing the option to split it with a spouse. 3. Lump Sum Deferred Gift: This declaration involves a one-time cash gift that is deferred over a specific period. The gift amount is split with the spouse according to predetermined terms. 4. Accelerated Gift: This type of declaration allows the gifted to provide a larger cash gift than the regular annual amount for a particular year, while still maintaining the overall period of gifting. The gift can be split with the spouse as per the preferences stated in the declaration. 5. Adjustable Period Gift: This declaration allows flexibility in determining the period over which the cash gift will be given. The giver has the option to adjust the gift period as necessary, and the gift amount can be split with the spouse accordingly. It is important to consult with a qualified attorney or financial advisor when drafting an Oregon Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse to ensure compliance with state laws and to accurately reflect the individual's intentions regarding the monetary gift.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
