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Making a Gift by Will or Living Trust Have a lasting impact Thank you for considering making a gift through your will or living trust to support our healing and health care mission. We would be honored
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Making a gift to refers to the process of transferring ownership of property or money from one individual to another without receiving anything in return, thereby potentially incurring gift tax implications.
The donor, or the person making the gift, is required to file a gift tax return if the total value of gifts given exceeds the annual exclusion limit.
To fill out a gift tax return, complete IRS Form 709, including details about the donor, the recipient, the date of the gift, and the value of the gift. Ensure to report all applicable gifts made during the tax year.
The purpose of making a gift to is to transfer wealth, provide financial assistance, or support charitable causes, while also subjecting the donor to potential gift tax regulations.
The information that must be reported includes the name and address of the donor and recipient, a description of the property or cash given, the date of the gift, and the fair market value of the gift at the time of transfer.
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