Estate Law Questions? Ask an Estate Lawyer.
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There is a way to avoid the gift tax.Your brother can create a trust and pass the money to you in trust...that would avoid the tax.
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Yes. He would...if the goal is to avoid the gift tax, he will need to make a trust (have a local attorney assist with this, since you need one to create a trust), then when the trust is created, he can place the money in trust.This will avoid the tax
You avoid that with a trust...that is why you create the trust...
Thank you for your question. New professional here trying to assist.
So while the IRS has a $14,000 annual limit on gift giving, taxes are not paid until one reaches 5.43 million in lifetime gifts. However, if one gifts over the annual limit they need to fiel form 709
that information can be found here:
Think of it as an accounting sytem for the federal government.
Once the lifetime threshhold is met, taxes will need to be paid.
I'm sorry- I apologize for the typoe
#file form 709
That form and instructions are here: https://www.irs.gov/pub/irs-pdf/i709.pdf
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If the gifting limit is exceeded, the giftor (not the recipient) is responsible for the gift tax.
I hope you are able to work something out, especially if the inheritance was originally declined since it basically reinstates the wishes of the decedent. I hope this information has been helpful! (if so, please dont forget to rate positively so my customer satisfaction scores remain high).
Thank you and take care!