SENIOR LISTENING

To make a gift before or after death?

Property owners have several decisions to make during the estate planning process. One of those is whether to give property to family members before or after death. Montana State University Extension has a Mont Guide that gives information about how to approach that choice.

According to Dr. Marsha Goetting, MSU Extension Family Economics Specialist Montana, a person should consider the income tax consequences of the timing of gifts to family members. Montana ended the state inheritance tax in 2001. Now the federal estate tax only affects individuals with estate values at more than $13,990,000 or married couples with more than $27,980,000.

When an individual sells property, not all of the proceeds are taxable, shared Goetting. She added when income is calculated, a person ...