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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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My spouse and I will be awarded a gift from a good friend

Customer Question

My spouse and I will be awarded a gift from a good friend for approximately $1 million dollars. Who has to pay the taxes on this money and How do we set up estate and tax planning for this money...
Submitted: 2 years ago.
Category: Estate Law
Expert:  Ely replied 2 years ago.
Hello and welcome to JustAnswer. Please note: (A) This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms; and (B) the site allows experts not participate in phone calls and I may or may not be able to participate in this feature.
1) What state is this in, please?
2) Is this good friend living, or, is this gift coming from his estate ad he is deceased?
Customer: replied 2 years ago.
State of CA;;;;Yes the friend in living and is retiring from Austrian Foriegn service as a U.S. foriegn diplomat, and wants to help my husband as a good friend.. Should He write the check only in my Husband name or jointly as a have a joint account.Thank You,Terry O'Neal, MBA
Expert:  Ely replied 2 years ago.
Thank you.
Just to confirm - and to be safe - have you met this friend in person and how long have you known him?
I just want to be sure that you are not being scammed.