Q. If I transfer some of my assets to an irrevocable trust for the benefit of my daughter who is handicapped, will I have to pay a gift tax?

A. Sigh. This is my blog for difficult questions with overly simplified answers. First, keep in mind that I have never seen the irrevocable trust to which you refer. Second, I do not know the value of the asset(s) you wish to transfer. As a general statement, if you transfer less than $13,000, you will not be required to report the gift on an IRS gift tax return. If you transfer more than $13,000 AND if there is only one beneficiary of the trust, then you probably will have to file a From 709 (gift tax return) with the IRS. However, unless you have made reportable gifts of in excess of $1 million there won’t be a gift tax to pay. As I mentioned here and also in the question above, this is a very over-simplified answer. You must seek the advice of your tax preparer or a CPA or an attorney who specializes in gift tax issues in order to get the correct answer that meets your specific tax situation.