Form 709 record keeping

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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exoilman
Posts: 731
Joined: Wed Oct 15, 2008 1:38 pm
Location: New Jersey

Form 709 record keeping

Post by exoilman » Mon Jan 13, 2020 9:28 am

We have had to file Form 709 for gifts we gave to our children. This was many years ago. When we pass and the children will receive our estate how will they have to be handled?

Thanks
Sam

Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: Form 709 record keeping

Post by Silk McCue » Mon Jan 13, 2020 10:28 am

The estate and gift tax exemption is currently $11.58 million. Will your estate plus what has previously been gifted exceed that number or be anywhere close? If not, there won't be any concerns. However, just in case there is any question I would keep your 709s with your other estate documents.

Cheers

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Steelersfan
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Joined: Thu Jun 19, 2008 8:47 pm

Re: Form 709 record keeping

Post by Steelersfan » Mon Jan 13, 2020 2:08 pm

I have a file called "Estate matters" where I keep information about accounts I have, plus some instructions that didn't need to be in my will. I put a copy of the (one so far) 709 I filed in there. When it's time for my executor to complete the estate tax return it will be right there.

Topic Author
exoilman
Posts: 731
Joined: Wed Oct 15, 2008 1:38 pm
Location: New Jersey

Re: Form 709 record keeping

Post by exoilman » Tue Jan 14, 2020 7:53 am

Silk McCue wrote:
Mon Jan 13, 2020 10:28 am
The estate and gift tax exemption is currently $11.58 million. Will your estate plus what has previously been gifted exceed that number or be anywhere close? If not, there won't be any concerns. However, just in case there is any question I would keep your 709s with your other estate documents.

Cheers
Thank you,
Sam

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