Gift and estate taxes are, in effect, a delayed surtax on income and wealth accumulation. With few exceptions, any amount over a specified threshold of assets and/or income at death will be taxed, unless properly protected prior to death.
Discussing the topic, and exchanging ideas for how to address potential conflicts, will better prepare you to advise clients.
Please discuss how taxpayers can work within the current income tax, gift and estate tax systems to minimize their cumulative effect.
Also, express your informed opinions regarding the fairness of the current systems.
How can the current systems be improved to meet the objectives of governments and taxpayers?