[Verse 1] When you give away your wealth for free There's a tax that Uncle Sam might see Eighteen thousand dollars is the line Give below that and you'll be fine Annual exclusion keeps it clear No filing forms throughout the year [Chorus] Gift tax rules, remember these Unified system holds the keys Eighteen thousand annual free Thirteen point six million lifetime spree Present interest is the way Or your exclusion fades away [Verse 2] Lifetime exemption's quite a sum Thirteen point six one until twenty-six comes Then it drops to seven million or so Better plan before the scissors blow Unified credit links estate and gift One big bucket, that's the gift tax drift [Chorus] Gift tax rules, remember these Unified system holds the keys Eighteen thousand annual free Thirteen point six million lifetime spree Present interest is the way Or your exclusion fades away [Verse 3] Present interest means they can use it now Future gifts don't qualify somehow Crummey powers make the future present Give them right to withdraw, very pleasant Thirty days to take their money out That's what present interest is about [Bridge] Married couples split their gifts in two Thirty-six thousand from me and you Fill out the forms and both must sign Double exclusions work just fine [Verse 4] Fair market value is the rule Discounts help when control's not full Lack of marketability Minority interest, you can see Twenty to forty percent off When buyers would just scoff [Chorus] Gift tax rules, remember these Unified system holds the keys Eighteen thousand annual free Thirteen point six million lifetime spree Present interest is the way Or your exclusion fades away [Verse 5] Twenty-seven-oh-two rules the game For partial interests, here's the frame GRATs and GRUTs and QPRTs too Grantor trust techniques for me and you Annuity or remainder trust Value properly, you must [Outro] Gift tax planning takes some thought But these rules can't be fought Annual exclusions, lifetime caps Mind the present interest gaps Plan ahead before it's late Link your gifts to your estate
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