Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 30 SEPTEMBER 2004

Lifetime Gifts

Wiggin and Dana LLP
Wiggin and Dana LLP
Contributor
Wiggin and Dana LLP

Wiggin and Dana LLP

Wiggin and Dana is a full-service law firm of highly talented, creative and experienced lawyers...

View firm profile
Explore more from Wiggin and Dana LLP

Warm feelings of affection may prompt one to make monetary gifts to loved ones. But those feelings can rapidly chill if the donor unexpectedly finds out that taxes are due on the gift. Donors who are considering making gifts in order to transfer wealth and shift income to the next generation also need to factor in the impact of any applicable gift taxes.

United StatesGovernment, Public Sector
Karen Clute
Karen Clute

Originally published September 2004

Warm feelings of affection may prompt one to make monetary gifts to loved ones. But those feelings can rapidly chill if the donor unexpectedly finds out that taxes are due on the gift. Donors who are considering making gifts in order to transfer wealth and shift income to the next generation also need to factor in the impact of any applicable gift taxes.

U.S. citizens and other individuals who are residents of the United States are subject to the federal gift tax. Unlike other states, such as New York and Florida, Connecticut has a separate state gift tax. The Connecticut gift tax applies to (i) gifts by Connecticut residents of intangibles, such as money and securities, and (ii) all gifts of tangible personal property (e.g., art, jewelry, antiques) and real estate located in Connecticut.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

SBA Extends Deadline For Comments On Historic Overhaul Of Size Standards

The Small Business Administration has extended the comment period for two proposed rules that could dramatically reshape federal government contracting by significantly expanding the pool of entities eligible for small business set-aside procurements. With some size standard thresholds proposed to increase as much as tenfold, these changes would fundamentally alter the makeup of the small business contractor base.
United StatesGovernment, Public Sector
Crowell & Moring LLP
Crowell & Moring LLP
Article

D.C. Circuit Rules Pentagon Can Exclude Anthropic From Supply Chain

The U.S. Court of Appeals for the D.C. Circuit has ruled that the Department of War can exclude Anthropic from its supply chain under the Federal Acquisition Supply Chain Security Act, finding that the AI company's ability to manipulate its Claude model creates a supply chain risk. This decision contrasts with an earlier California district court ruling that blocked a similar designation under a different statute, creating a complex legal landscape for AI providers and government contractors.
United StatesGovernment, Public Sector
Taft, Stettinius & Hollister LLP
Taft, Stettinius & Hollister LLP
Article

FMCSA MOTUS Implementation – Common Motor Carrier Concerns

The Federal Motor Carrier Safety Administration launched MOTUS in May 2026, replacing legacy registration platforms and fundamentally changing how motor carriers, freight brokers, and surface freight forwarders handle operating authority applications and license maintenance. While designed to combat fraud and streamline registration activities, the transition has created significant user experience challenges that threaten operating authority status and customer relationships for transportation service prov
United StatesGovernment, Public Sector
Benesch, Friedlander, Coplan & Aronoff LLP
Benesch, Friedlander, Coplan & Aronoff LLP
Article

BIOSECURE Act Update: Court Enjoins WuXi AppTec’s 1260H Designation, but Strategic and Compliance Clocks Keep Running

The U.S. District Court for the District of Columbia has preliminarily enjoined the Department of War from enforcing WuXi AppTec's Section 1260H designation, finding the agency misread its evidence on state and military affiliation. However, this ruling does not close alternative pathways to biotechnology company of concern (BCC) designation under the BIOSECURE Act, and earlier supply-chain restrictions continue to drive near-term compliance decisions with a critical June 30, 2027 deadline for sub-tier supp
United StatesGovernment, Public Sector
Greenberg Traurig
Greenberg Traurig
Article

Massachusetts’ 2026 Ballot Questions: What Clients Need To Know

Massachusetts voters will decide nine statewide ballot questions in November 2026 that could fundamentally reshape the state's legal, regulatory, and fiscal landscape. These measures address government transparency, election reforms, housing development, marijuana regulation, firearms laws, and state revenue limits, with implications extending far beyond Election Day to implementation, regulation, and ongoing policy debates.
United StatesGovernment, Public Sector
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Article

OFAC Broadens Cuba Sanctions And Restricts Payments And Travel

The U.S. Treasury Department's Office of Foreign Assets Control has implemented sweeping changes to Cuba sanctions, introducing a new regulatory framework that extends restrictions beyond U.S. persons to foreign entities and financial institutions. These measures eliminate key banking authorizations, expand transaction prohibitions to include intermediary payments, and significantly narrow travel permissions, creating new compliance challenges for businesses operating in or through Cuba-related channels.
United StatesGovernment, Public Sector
Barnes & Thornburg LLP
Barnes & Thornburg LLP
Article

Weekly Sanctions Update: September 14, 2026

The Treasury Department intensifies economic pressure on Iran through Operation Economic Outcast, suspending aviation licenses and sanctioning dozens of entities while implementing a presumption of denial for Iran-related transactions. Meanwhile, new enforcement actions target Chinese cybercrime platforms, Ecuadorian terrorist organizations, and Israeli settlers, as Congress considers comprehensive Russia-Iran sanctions legislation.
GlobalGovernment, Public Sector
Steptoe LLP
Steptoe LLP
Article

Recent Significant Federal Merger Enforcement Developments

The Justice Department has resumed targeted Second Request investigations to expedite merger reviews, while major entertainment industry consolidation faces legal challenges and the FTC secures record penalties for Hart-Scott-Rodino Act violations. These developments signal a shifting landscape in federal merger enforcement, balancing efficiency with rigorous antitrust scrutiny across multiple industries.
United StatesAntitrust/Competition Law
Wiggin and Dana LLP
Wiggin and Dana LLP
Article

New Connecticut Law Targets Employee Monitoring And Surveillance Practices

Connecticut has enacted sweeping changes to workplace electronic monitoring requirements, mandating that employers provide detailed location-specific notices about surveillance activities and inform new hires about prohibited conduct that may be monitored. The new law, effective October 2026, significantly expands existing notice obligations while introducing carve-outs for security purposes and investigations of suspected misconduct.
United StatesEmployment and HR
Wiggin and Dana LLP
Wiggin and Dana LLP
Article

Second Circuit Adopts Expansive Interpretation Of Protected Activity But Declines To Broadly Construe Ending Forced Arbitration Act

On September 21, 2026, the Second Circuit handed down its opinion in Newton v. LVMH Moët Hennessy Louis Vuitton Inc., a significant decision addressing both the scope of protected activity under Title VII’s anti-retaliation provision and the applicability of the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act (“EFAA”) to claims accruing before the statute’s enactment.
United StatesEmployment and HR
Wiggin and Dana LLP
Wiggin and Dana LLP
Article

The Creator Economy Meets Estate Planning: Protecting And Transferring Digital Businesses

As the creator economy continues to expand, individuals who derive income from digital platforms face a critical estate planning question. For those who already have an estate plan, that plan may not adequately address the unique challenges of managing, valuing and transferring digital businesses, leaving these increasingly valuable assets vulnerable to confusion, lost revenue and family conflict.
United StatesWealth Management
Wiggin and Dana LLP
Wiggin and Dana LLP
Article

2026 Legislative Session: CUTPA Developments Advisory

Connecticut's 2026 legislative session transformed the state's Unfair Trade Practices Act into a primary vehicle for technology regulation, creating fifteen new per se violations while systematically excluding private enforcement rights for AI and tech-related provisions. This shift represents a fundamental change in how Connecticut regulates technology companies, concentrating enforcement power exclusively with the Attorney General for areas ranging from AI companion safety to surveillance pricing.
United StatesCorporate/Commercial Law
Wiggin and Dana LLP
Wiggin and Dana LLP
Article

Public PAIR: The Newest Tool to Monitor the Filing and Prosecution of Competitor Patents

The U.S. Patent and Trademark Office (USPTO) recently announced a new electronic database as part of its effort to make the patent examination process fully transparent to the public. The new database, known as the Public PAIR (Patent Application and Information Retrieval) system, allows anyone with Internet access to track the status of a public patent application as it moves from publication to final disposition.
United StatesMedia, Telecoms, IT, Entertainment
Wiggin and Dana LLP
Wiggin and Dana LLP