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If a parent gives a substantial gift to their unmarried son…

If a parent gives...

If a parent gives a substantial gift to their unmarried son during their lifetime, is the gift considered an INHERITANCE in the hands of the Son AND is it protected from any future spouse in the event of an y future dispute.

Lawyer's Assistant: Estate laws vary by state. What state are you in?

In Ontario Canada

Lawyer's Assistant: What documents or supporting evidence do you have?

Gift deed

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Looking for advice to protect the gifted assets

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Answered in 28 minutes by:
3/9/2018
Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 3,757
Experience: 11 years experience in Canada family law, plus criminal, civil, and employment
Verified

A gift and an inheritance are separate things, of course.

If the recipient is unmarried, what's the issue? Protecting assets from division upon divorce or separation?

What is going on more specifically?

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Customer reply replied 5 months ago
Planning ahead
Want to protect sons gift from parent from future spouse if marriage fails
Customer reply replied 5 months ago
Can it be established that the gift is part of the sons inheritance

Whether it's a gift or an advance on an inheritance made prior to the marriage, it's essentially treated the same.

On a marriage breakdown the increase in value of the spouse's wealth while together is divided, not everything they own. The matrimonial home is a separate issue, so if the son uses the gift or inheritance to buy that home then it will be split. Otherwise the amount of wealth brought into the marriage remains insulated from division.

Let's say that I have a billion dollars and I marry someone who has zero. Five years later we separate and I still have a billion dollars but my wife has an account with $100 in it. Our net family property is $100 and since she has it all she owes me $50. That's assuming there's no matrimonial home, or other such exemptions.

The best way to protect assets from a marriage breakdown is to have a marriage contract signed by both parties prior to the marriage.

Without that, the options are few. Put the assets into a rock solid trust, that's an option, and the proceeds of it kept insulated from the mingled family property.

Consult with a family law lawyer near you, in conjunction with a good accountant, to discuss which option is right for you.

Anything else to discuss? I'm here if you have question or comment. If I've answered you then I'd appreciate a positive service rating please. That's how I get paid by the site for helping you today. A 5 star would help my statistics.

Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 3,757
Experience: 11 years experience in Canada family law, plus criminal, civil, and employment
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