7 More Family Office Resources:

• Inter Vivos Gifts Family Office Definition: Inter Vivos Gifts Inter Vivos Gifts definition:  Inter vivos gifts are gifts made during a lifetime with the purpose to reduce the taxable estate. In order to qualify, the donor cannot ...
• Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act Family Office Definition: Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act definition:  State laws addressing custodial accounts and transfers of ...
• Gift Tax Family Office Definition: Gift Tax Gift Tax definition:  A gift tax is applied to the giver rather than the receiver. The receiver does not pay income tax on the gift transfer, but is liable ...
• Charitable Deduction Family Office Definition: Charitable Deduction Charitable Deduction definition:  The charitable deduction allows property to be transferred to an IRS-approved charity through a will or gift without being subject to gift or estate taxes. Lifetime ...
• Unified Credit Family Office Definition: Unified Credit Unified Credit definition:  An IRS federal tax credit for lifetime gifts that exceed the annual gift exclusion amount.  A tax credit taken when a gift is made is subtracted ...
• Irrevocable Life Insurance Trust Family Office Definition: Irrevocable Life Insurance Trust Irrevocable Life Insurance Trust definition:  (ILIT) is a trust funded with proceeds from a life insurance policy. The amount of the life insurance policy is exempt from ...
• Income Tax Family Office Definition: Income Tax Income Tax definition:  Income taxes are assessed on estates producing annual income over the basic income exclusion amount, similar to individuals.  The executor of the estate files an income ...