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Gift Splitting and the Consenting Spouse

Let's say David is married to Claire. David has separate property. He wants to give $30,000 of his separate property to his son, Phillip, but he does not want to use any of his estate tax exemption. And maybe David wants to do this every year. Or maybe David wants to make these $30,000 gifts of his separate property to many people each year. How can he do it without using any of his estate tax exemption, which he wants to preserve. For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: https://go.oncehub.com/Paul8 If David and his wife, Claire, donate community property, the gift is considered made one-half by each spouse. So, if they give $30,000 to Phillip, it is considered as made $15,000 from David and $15,000 from Claire. So no gift tax return need be filed. To accomplish David's goal of giving away $30,000 of his separate property, but not use any of his estate tax exemption, David can file a Federal Gift Tax Return (IRS Form 709). He will ask his wife, Claire, (and she will agree) to sign the return consenting to have the gifts made by Phillip considered as made one-half by each of them. So, as long as Claire signs the appropriate Consent (Line 18 of IRS Form 709), neither Phillip nor Claire will use any of their estate tax exemption, even though David gave $30,000 of his separate property to Phillip. This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship. Paul Rabalais Estate Planning Attorney www.RabalaisEstatePlanning.com Phone: (225) 329-2450