My mom was going to change the beneficiary after her and my Dad got divorced but she didn't do that before she died. How can my Dad get around the gift tax and give me the whole life insurance money? This will be for the 2016 tax year.
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"Gift
Tax" is somewhat of a misnomer. Even though a gift tax return
may be required, very few people ever actually pay federal gift tax. The
purpose of the gift tax return is usually only to document a reduction in the
allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
"Gift
Tax" is somewhat of a misnomer. Even though a gift tax return
may be required, very few people ever actually pay federal gift tax. The
purpose of the gift tax return is usually only to document a reduction in the
allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
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