Amarin Corp Plc (AMRN)

[sts66]

Gifts to family members cannot be deducted from your income, still need to pay taxes on that money - you only get deductions if you gift to charities. And the gift has a limit, $15k/person for 2019 - anything higher than that counts against your lifetime gift tax exclusion. A similar situation bit my Aunt's estate last year - she had gifted a lot of money to a few family members, not knowing she was going to die in less than a year, and the estate had to pay PA's 15% death tax on the entire value of gifts handed out. The estate didn't have to pay fed income taxes on the part of the gifts exceeding $15k because there's an $11.4M lifetime exemption - but boy, if that number had been exceeded the tax man can take a big bite out of the estate - rate for values $100k-$150k is 30%, $1M or more is 40%. Oh, and that $11.4M exemption goes back to $5M in 2025 unless Congress extends it - going to hit some of the AMRN millionaires here if they let it revert, so if you want to share the wealth with your family you'd better do it before 2025 rolls around.