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The adult children of Jack Austen – Kate, Charlie, and Claire – are gathering a few months after their father’s passing to remember him and discuss what to do with the family business, Oceanic Real Estate, LLC.
Each child inherited an equal interest in that business, much to Kate’s dismay as she anticipated being the sole heir. While Kate is independently evaluating whether to legally challenge her siblings’ rights to the business – see “What To Do if Estate Assets Need To Be Managed During Litigation: Examining the Austen Family” – she is setting that aside, for the moment, in the interest of considering what is best for her father’s legacy.
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Administering an estate can be time consuming, complicated and overwhelming, particularly when there are different types of assets involved. Additionally, estate administration frequently implicates lifetime gifting by a decedent, which adds another layer of complexity.
Here, Jack gifted a portion of his membership interest in Oceanic Real Estate, LLC to his daughters, Kate and Claire, in 2013 and 2014. Generally speaking, an individual may gift up to the annual exclusion amount without any tax or reporting consequences. These amounts change over time – our hypothetical transfers in 2013 and 2014 would be subject to a $14,000 exclusion amount (per beneficiary, per year). For 2021 gifts, the annual exclusion amount is $15,000. When a gift exceeds the annual exclusion amount in any given year, the individual will use a portion of his lifetime gift/estate tax exemption – which also changes depending on the year – and m