The lifetime exemption for federal gift taxes has increased significantly over the years while the gift tax rate has decreased. As of 2016, the top tax rate is 40 percent, down 15 percent from 1997. The chart below shows the changes in the lifetime gift tax exemption and top gift tax rate over the years.
Webster Dictionary(0.00 / 0 votes)Rate this definition: 1  kin. 2  Kin(noun) a primitive Chinese instrument of the cittern kind, with from five to twenty-five silken strings. 3  Kin(noun) relationship, consanguinity, or affinity; connection by birth or marriage; kindred; near connection or alliance, as of those having common descent.
A person's next of kin (NOK) is that person's closest living blood relative or relatives. Some countries, such as the United States, have a legal definition of next of kin. In other countries, such as the United Kingdom, next of kin may have no legal definition and may not necessarily refer to blood relatives at all.