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My elderly father wants to sell his property and gift the proceeds…

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My elderly father wants to...
My elderly father wants to sell his property and gift the proceeds to his 3 children. Estimating $150000. What is involved? Is there a particular process or can the checks be written at the time of closing directly to the children? Anything more I should know?
Submitted: 6 years ago.Category: Estate Law
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2/22/2012
Estate Lawyer: Law Educator, Esq., Attorney replied 6 years ago
Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 125,291
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
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Checks can be written at any time and he would be liable for claiming gift taxes for any amounts over $13,500 and also filing the amount of gifts over the gift amount on his taxes which would go towards his lifetime gift credit. He can write the checks right at or after the closing to the children.


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Law Educator, Esq.
Category: Estate Law
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Experience: Experienced in Trust and Succession Law, including Louisiana Laws
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Customer reply replied 6 years ago
It was my understanding that he could gift up to $600,000 in lifetime without incurring a tax event to the recipients. Is the gifting simply a formality above $13500 or what tax events will happen to the recipients?
Estate Lawyer: Law Educator, Esq., Attorney replied 6 years ago
Correct, it is $13,000 per year to avoid taxes or counting towards the lifetime gift credit of $1M. Anything gifted over $13,000 per year goes towards the lifetime gift credit for payment of taxes. Thus, instead of giving it all at once he should consider placing the funds in an account and giving the maximum of $13,000 per year to each person to avoid the gifting tax implications.
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