<html><body><span style="font-family:Times New Roman; color:#000000; font-size:12pt;"><div>Thanks</div><div><br></div><div><img id="sigimg0" title="signature image" src="cid:sigimg0@e57f8e9f8d09ddde87908f8997802be7" border="0" alt=""></div><div><br><br></div>
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-------- Original Message --------<br>
Subject: Re: [WSBAPT] large gifts of appreciated stock to charities in<br>
estate planning<br>
From: "Philip N. Jones" <<a href="mailto:pjones@duffykekel.com">pjones@duffykekel.com</a>><br>
Date: Sat, May 16, 2020 9:15 am<br>
To: WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<br>
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</style> <div class="WordSection1"> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Gifts of less than $15,000 (per year) need not be reported. There is no special form for doing so. <o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">There is a federal gift tax return. And not much else. <o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Just this morning, by coincidence, I ran across a link to a short article about when a gift tax return needs to be filed. Here is the link:<o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><a target="_blank" href="https://www.apslaw.com/insight-on-estate-planning/2020/05/12/to-file-or-not-to-file-a-gift-tax-return-doesnt-always-have-to-be-filed/">https://www.apslaw.com/insight-on-estate-planning/2020/05/12/to-file-or-not-to-file-a-gift-tax-return-doesnt-always-have-to-be-filed/</a><o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">The article hints that some people worth well less than $11 million need not ever file a gift tax return, but the article stops short of actually saying so. And even if it did say that, there are exceptions, which the article lists.<o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Phil Jones<o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Portland, OR<o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></div> <div> <div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in"> <div class="MsoNormal" style="font-size:12pt;"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> <b>On Behalf Of </b><a href="mailto:michael@westseattleattorney.com">michael@westseattleattorney.com</a><br> <b>Sent:</b> Saturday, May 16, 2020 8:45 AM<br> <b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br> <b>Subject:</b> Re: [WSBAPT] large gifts of appreciated stock to charities in estate planning<o:p></o:p></span></div> </div> </div> <div class="MsoNormal" style="font-size:12pt;"><o:p> </o:p></div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="color:black">Susan/anyone, </span></span><span style="color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="color:black">It seems that the posts talked about whether the gift was reported on a tax return but seem to question whether a gift of under 15k needs to be reported anywhere? I thought that there is a form for this, no?</span></span><span style="color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="color:black">Thanks</span></span><span style="color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="color:black">Mike</span></span><span style="color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="color:black"><img border="0" width="500" height="100" style="width:5.2083in;height:1.0416in" id="sigimg0" src="cid:image001.png@01D62B62.948CC090" wbeuser="michael@westseattleattorney.com"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;margin-bottom:12.0pt"><span style="color:black"><o:p> </o:p></span></div> </div> <blockquote style="border:none;border-left:solid blue 1.5pt;padding:0in 0in 0in 6.0pt;margin-left:6.0pt;margin-top:5.0pt;margin-bottom:5.0pt" id="replyBlockquote"> <div id="wmQuoteWrapper"> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black">-------- Original Message --------</span></span><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;color:black"><br> <span class="mceitemhidden">Subject: Re: [</span><span class="mceitemhiddenspellword">WSBAPT</span><span class="mceitemhidden">] large gifts of appreciated stock</span><br> <span class="mceitemhidden">to charities in estate planning</span><br> <span class="mceitemhidden">From: "Susan Donahue" <<a target="_blank" href="mailto:sdonahue@sdonahuelaw.com">sdonahue@sdonahuelaw.com</a>></span><br> <span class="mceitemhidden">Date: Fri, May 15, 2020 4:19 pm</span><br> <span class="mceitemhidden">To: "'WSBA Probate & Trust Listserv'" <<a target="_blank" href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>></span><br> <br> <span class="mceitemhidden">#wmQuoteWrapper /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} #wmQuoteWrapper @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4;} #wmQuoteWrapper /* Style Definitions */ p.MsoNormal, #wmQuoteWrapper li.MsoNormal, #wmQuoteWrapper div.MsoNormal {margin:0in; margin-bottom:.0001pt; font-size:11.0pt; font-family:"Calibri",sans-serif;} #wmQuoteWrapper a:link, #wmQuoteWrapper span.MsoHyperlink {mso-style-priority:99; color:blue; text-decoration:underline;} #wmQuoteWrapper span.EmailStyle20 {mso-style-type:personal-reply; font-family:"Calibri",sans-serif; color:windowtext;} #wmQuoteWrapper .MsoChpDefault {mso-style-type:export-only; font-size:10.0pt;} #wmQuoteWrapper @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} #wmQuoteWrapper div.WordSection1 {page:WordSection1;} </span><o:p></o:p></span></div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">I didn’t mean that the gifts have to be reported by the recipients. I totally agree with this. But reported by the </span></span><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">gifter</span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> on federal income tax so that the amount gifted can be deducted from the gifter’s estate upon death so as to possibly reduce the taxable estate and escape Washington estate taxes. But the gifts reported on the gifter’s federal income tax have no effect on it. It is just a record of lifetime gifts that will allow the Washington estate tax to be lowered. In my understanding, which could be incorrect, when the gifts are given, up to $15,000 in any year to an individual, a form is submitted with the gifter’s federal income tax and then at death the estate may deduct these lifetime gifts from the gross estate to reduce it so that Washington estate taxes may not have to be paid, depending upon the amounts. Perhaps I am not perfectly clear about this.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">I apologize if I’ve been unclear. </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Susan</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in"> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><b><span style="font-family:"Verdana",sans-serif;color:black">From:</span></b></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> <a target="_blank" href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a target="_blank" href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> <b>On Behalf Of </b>Philip N. Jones</span></span><span style="font-family:"Verdana",sans-serif;color:black"><br> <span class="mceitemhidden"><b>Sent:</b> Friday, May 15, 2020 3:21 PM</span><br> <span class="mceitemhidden"><b>To:</b> </span><span class="mceitemhiddenspellword">WSBA</span><span class="mceitemhidden"> Probate & Trust </span><span class="mceitemhiddenspellword">Listserv</span><span class="mceitemhidden"> <<a target="_blank" href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>></span><br> <span class="mceitemhidden"><b>Subject:</b> Re: [</span><span class="mceitemhiddenspellword">WSBAPT</span><span class="mceitemhidden">] large gifts of appreciated stock to charities in estate planning</span><o:p></o:p></span></div> </div> </div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">That is not correct. Gifts are not income and should never be reported on a federal income tax return. And Washington does not have an income tax. </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">And lifetime gifts are not part of the gross estate and need not be deducted on the Washington estate tax return. The money is already gone before the date of death.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div style="margin-bottom:12.0pt"> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Phil Jones </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Philip N. Jones </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Duffy </span></span><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">Kekel</span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">LLP</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Portland, OR</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-family:"Verdana",sans-serif;color:black"><a href="mailto:pjones@duffykekel.com" target="_blank"><span class="mceitemhidden">pjones@duffykekel.com</span></a><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">(503) 226-1371</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-family:"Verdana",sans-serif;color:black"><br> <br> <br> <o:p></o:p></span></div> </div> <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt"> <div style="margin-bottom:12.0pt"> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">On May 15, 2020, at 3:13 PM, Susan Donahue <</span></span><span style="font-family:"Verdana",sans-serif;color:black"><a href="mailto:sdonahue@sdonahuelaw.com" target="_blank"><span class="mceitemhidden">sdonahue@sdonahuelaw.com</span></a><span class="mceitemhidden">> wrote:</span><o:p></o:p></span></div> </div> </blockquote> </div> <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt"> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Tahoma",sans-serif;color:black"></span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Ok. Thank you for the clarification. But I thought that the $15,000 maximum annual gifts to individuals had to be reported on Wash income tax so that they could be deducted from her gross estate at death. I’ll see if I can speak with her tax accountant.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Susan</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in"> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><b><span style="font-family:"Verdana",sans-serif;color:black">From:</span></b></span><span style="font-family:"Verdana",sans-serif;color:black"> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank"><span class="mceitemhidden">wsbapt-bounces@lists.wsbarppt.com</span></a><span class="mceitemhidden"> <</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank"><span class="mceitemhidden">wsbapt-bounces@lists.wsbarppt.com</span></a><span class="mceitemhidden">> <b>On Behalf Of </b>Philip N. Jones</span><br> <span class="mceitemhidden"><b>Sent:</b> Friday, May 15, 2020 2:47 PM</span><br> <span class="mceitemhidden"><b>To:</b> </span><span class="mceitemhiddenspellword">WSBA</span><span class="mceitemhidden"> Probate & Trust </span><span class="mceitemhiddenspellword">Listserv</span><span class="mceitemhidden"> <</span><a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank"><span class="mceitemhidden">wsbapt@lists.wsbarppt.com</span></a><span class="mceitemhidden">></span><br> <span class="mceitemhidden"><b>Subject:</b> Re: [</span><span class="mceitemhiddenspellword">WSBAPT</span><span class="mceitemhidden">] large gifts of appreciated stock to charities in estate planning</span><o:p></o:p></span></div> </div> </div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">The lifetime charitable gifts are no longer part of her estate once they are made, so her estate need not worry about deducting them on an estate tax return. But she should be deducting them on her federal income tax return. </span> </span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">The same is true of gifts to individuals, except they are not deductible on her income tax returns.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Whether these gifts were or were not reported on gift tax returns does not change these answers.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">These answers are the same in both Washington and Oregon.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Phil Jones</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div style="margin-bottom:12.0pt"> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Philip N. Jones </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Duffy </span></span><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">Kekel</span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">LLP</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Portland, OR</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-family:"Verdana",sans-serif;color:black"><a href="mailto:pjones@duffykekel.com" target="_blank"><span class="mceitemhidden">pjones@duffykekel.com</span></a><o:p></o:p></span></div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">(503) 226-1371</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> </div> </div> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-family:"Verdana",sans-serif;color:black"><br> <br> <br> <br> <o:p></o:p></span></div> </div> <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt"> <div style="margin-bottom:12.0pt"> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">On May 15, 2020, at 2:04 PM, Susan Donahue <</span></span><span style="font-family:"Verdana",sans-serif;color:black"><a href="mailto:sdonahue@sdonahuelaw.com" target="_blank"><span class="mceitemhidden">sdonahue@sdonahuelaw.com</span></a><span class="mceitemhidden">> wrote:</span><o:p></o:p></span></div> </div> </blockquote> </div> <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt"> <div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Tahoma",sans-serif;color:black"></span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Hello everyone,</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">I have a client who gives large gifts of appreciated stock to charities each year. I’m not certain the effect these gifts will have on her gross estate/taxable estate at her death. Are they treated the same as $15,000 gifts to individual persons which, if the proper gift tax form is filed each year, can be deducted from the gross estate at death? I’m trying to figure out the best estate plan for her, but I’m not familiar with the effect of gifting appreciated stock to charities annually, as she does. Any thoughts would be appreciated.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Her estate is over the $2.193 million exclusion amount, but I’m not sure by how much. I am just beginning to work on this. If it is not too much over, she can have her estate just pay the 10%estate tax on the amount over $2.193 million if her estate is worth less than $3.193 million, but the tax could be a lot more than the expense of creating an irrevocable trust. I think the purpose for her to have a trust would be to shelter her estate from taxes. But how do the annual charitable gifts factor into this? I’m thinking an irrevocable trust of a certain amount of her present estate would keep her taxable estate at her death under the exclusion amount. </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Any thoughts? All are appreciated.</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Susan</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Susan Donahue</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">Law Office of Susan Donahue</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">125 West 2</span></span><span class="mceitemhiddenspellword"><sup><span style="font-family:"Verdana",sans-serif;color:black">nd</span></sup></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> Avenue, Suite “B”</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">P.O. Box 81</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhiddenspellword"><span style="font-family:"Verdana",sans-serif;color:black">Twisp</span></span><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">, WA 98856</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">(509) 996-5944 (phone)</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black">(509) 362-9692 (fax)</span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-family:"Verdana",sans-serif;color:black"><a href="mailto:sdonahue@sdonahuelaw.com" target="_blank"><span class="mceitemhidden">sdonahue@sdonahuelaw.com</span></a><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-family:"Verdana",sans-serif;color:black"><a href="http://www.sdonahuelaw.com" target="_blank"><span class="mceitemhidden">www.sdonahuelaw.com</span></a><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span style="font-family:"Verdana",sans-serif;color:black"> </span></span><span style="font-family:"Verdana",sans-serif;color:black"><o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span class="mceitemhidden"><span 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