• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Can you give a gift to yourself to avoid estate tax?

by on
in Small Business Tax

Q. I have power of attorney over my mother’s affairs. Can I arrange a gift to myself to avoid estate tax? Anonymous, Bayville, N.Y.

A. Not likely. As the power of attorney for your mother, you have the ability to act in her best interests. But you’re generally not permitted to transfer any of the money, personal property or real estate to yourself, unless the power of attorney includes specific authority to do so. If your mother is still competent, however, she may authorize such gifts.

Tip: Coordinate the various aspects of your mother’s ­estate plan with a tax pro.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/14104/can-you-give-a-gift-to-yourself-to-avoid-estate-tax "

Related Articles...

    No matches

Leave a Comment