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Simple English definitions for legal terms

gift-splitting election

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A quick definition of gift-splitting election:

A gift is when someone gives something to another person without expecting anything in return. It can be a thing or property that is transferred from one person to another. There are different types of gifts, such as a charitable gift, which is given to a nonprofit organization to help the community, or an inter vivos gift, which is given during the giver's lifetime. A split gift is when a married couple combines their gift tax exclusions to give a larger gift. A gift-splitting election is when both spouses agree to split the gift for tax purposes.

A more thorough explanation:

A gift-splitting election is a tax strategy used by married couples to combine their annual gift-tax exclusions and make a gift to a third person. This means that both spouses treat the gift as being made one-half by each spouse, making the gift eligible for two annual exclusions instead of one. For example, if the annual exclusion is $15,000, a married couple can make a gift of up to $30,000 to a third person without incurring gift tax.

Example: John and Jane are married and want to give their son a gift of $25,000. They can make a gift-splitting election and treat the gift as if each of them gave $12,500, which is below the annual exclusion limit. This way, they can avoid paying gift tax on the gift.

This tax strategy is useful for married couples who want to make a large gift to a third person without incurring gift tax. By combining their annual exclusions, they can make a larger gift without having to pay taxes on it.

gift-splitting | Gifts to Minors Act

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windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
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