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gift tax :: legal definition


Gift tax - n. federal tax on large gifts. Gifts to members of a family may be up to $10,000 a year to each plus an additional $30,000 accumulation of gifts is allowed tax-free. Several states also impose gift taxes. As with all tax questions, professional assistance in gift tax planning is vital.


Related Law Terms

generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
unified estate and gift tax :: n. in federal estate taxes, the value of the estat ... turn. See also: estate tax gift tax

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - G

gag order :: n. a judge's order prohibiting the attorneys and t ... st day in office, January 22, 1993.
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
garnishee :: n. a person or entity, quite often a bank or emplo ... ourt. See also: garnish garnishment
garnishment :: n. the entire process of petitioning for and getti ... heriff. See also: garnish garnishee
gender bias :: n. unequal treatment in employment opportunity (su ... statutes. See also: discrimination
general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance
general counsel :: n. the chief attorney for a corporation, who is pa ... e counsel." See also: house counsel
general damages :: n. monetary recovery (money won) in a lawsuit for ... s exemplary damages special damages
general denial :: n. a statement in an answer to a lawsuit or claim ... anguage. See also: answer complaint
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
general plan :: n. a plan of a city, county or area which establis ... uture development. See also: zoning
generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
gift tax :: n. federal tax on large gifts. Gifts to members of ... ance in gift tax planning is vital.
go bail :: v. slang for putting up the bail money to get an a ... arrest or pending trial or appeal.
good cause :: n. a legally sufficient reason for a ruling or oth ... od cause shown, the court orders:."
good faith :: n. honest intent to act without taking an unfair a ... plied to all kinds of transactions.
Good Samaritan rule :: n. from a Biblical story, if a volunteer comes to ... a lawsuit for millions of dollars.
good title :: n. ownership of real property which is totally fre ... or deed of trust on the property).