Legal Question in Wills and Trusts in Wisconsin

Gift tax returns are usually required for gifts to a child or immediate family member for any year in which total gifts exceed $13,000. Deeds which reserve a life estate, however, are of questionable value and also raise the question of whether or not such a transaction is really a completed gift before you die, which actually will transfer the entire title. Whether or not you need a gift return in any given year is therefore a question best answered by an accountant or estate planning attorney with a tax background. While many people to not file one in this scenario that is not mean that it may not be a good idea in some circumstances. I am not your attorney and will not be taking any action on your case, but you are still welcome to contact me during business hours at my in Racine if you still have more questions. Also, please see me on the web at www.jayknixonlaw.com. If you would like to read 15 years of my prior answers to consumer legal questions arranged by topic, please go to http://www.lawguru.com/answers/search/attorney/jknixon.