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 Harris Texas Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse is a legal document that allows individuals to gift cash over a specific period of time while also including their spouse as a recipient. This declaration ensures the proper distribution of gift funds, in accordance with the laws and regulations of Harris County, Texas. One type of Harris Texas Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse is the "Uniform Gift to Minors Act (UGA) Declaration." This declaration is commonly used by parents or guardians who want to gift cash to their minor children over a set period, splitting the gift with their spouse. By utilizing this declaration, they can establish a custodial account for their child to manage the gifted funds until they reach adulthood. Another type is the "Family Trust Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse." This declaration allows individuals to set up a trust, designating their spouse as a beneficiary and splitting the gifted cash over a specified period. This type of declaration ensures that the funds are protected and managed according to the terms outlined in the trust. The "Charitable Gift Declaration of Cash over Period of Years with Splitting of Gift with Spouse" is yet another variation of the Harris Texas Declaration. This type of declaration is commonly utilized by individuals who wish to donate cash to charitable organizations over a specific period, while also sharing the gift with their spouse. The declaration ensures that the funds are distributed as intended, providing tax benefits for both the donor and the charity. When drafting a Harris Texas Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse, it is crucial to consult with a qualified attorney familiar with local laws and regulations. This ensures that the declaration is legally binding and accurately reflects the wishes of the individuals making the gift.The Harris Texas Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse is a legal document that allows individuals to gift cash over a specific period of time while also including their spouse as a recipient. This declaration ensures the proper distribution of gift funds, in accordance with the laws and regulations of Harris County, Texas. One type of Harris Texas Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse is the "Uniform Gift to Minors Act (UGA) Declaration." This declaration is commonly used by parents or guardians who want to gift cash to their minor children over a set period, splitting the gift with their spouse. By utilizing this declaration, they can establish a custodial account for their child to manage the gifted funds until they reach adulthood. Another type is the "Family Trust Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse." This declaration allows individuals to set up a trust, designating their spouse as a beneficiary and splitting the gifted cash over a specified period. This type of declaration ensures that the funds are protected and managed according to the terms outlined in the trust. The "Charitable Gift Declaration of Cash over Period of Years with Splitting of Gift with Spouse" is yet another variation of the Harris Texas Declaration. This type of declaration is commonly utilized by individuals who wish to donate cash to charitable organizations over a specific period, while also sharing the gift with their spouse. The declaration ensures that the funds are distributed as intended, providing tax benefits for both the donor and the charity. When drafting a Harris Texas Declaration of Gift of Cash over Period of Years with Splitting of Gift with Spouse, it is crucial to consult with a qualified attorney familiar with local laws and regulations. This ensures that the declaration is legally binding and accurately reflects the wishes of the individuals making the 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.
