Donald M. Thompson - Wills, Trusts, and Estate Planning


Transfers Within Three Years of Death

Some gifts made within 3 years of death are included in the taxable estate. Also the amount of any gift tax paid on them is included in the estate. This rule is an attempt to prevent use of death bed transfers to get the gift tax paid out of the estate. The gifts that are included under this rule are:

  • transfer with a retained life estate or where the right to designate a beneficiary is retained;
  • transfers effective at death;
  • revocable transfers;
  • transfers of ownership of life insurance policies.

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Donald M. Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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