Don't forget the gift tax annual exclusion benefits. (Financial Planning Tax Tactics).

Accounting Today,  May, 2002  by Bob Rywick

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Some taxpayers can still benefit from making the maximum possible use of the gift tax annual exclusion, even after the changes in the gift and estate tax rules that were made by the Economic Growth and Tax Relief Reconciliation Act of 2001.

Review of the post-2001 estate and gift tax rules. Under the rules in effect before 2002, estate and gift taxes were tied together under a unified system having a top rate of 55 percent for gifts made and individuals dying in 2001. However, the unified credit allowed against gift and estate taxes meant that there was no gift ...