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27 March 2018 04:26 My son in law recently passed and there…

27 March 2018 04:26My son...
27 March 2018 04:26My son in law recently passed and there are some financial things going on that I need to understand a bit more clear. The father is wealthy and is setting up a trust to have some of his family members contribute to so that our daughter does not have to worry about having to sell the house. In addition, they set up a trust for contributions to the family by friends, family and other associates My concern with these are possible tax issues for our daughter
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Answered in 1 minute by:
3/27/2018
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,801
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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The federal gift/estate tax limits are $5,490,000 so no taxes unless it goes over that amount here.Anything less than that is not taxable at all here federally.This is probably a non issue as you can see the limits before you get to taxes are quite large and likely is not going to be a problem.

I am so sorry that this happened to son in law.Thanks and prayers to daughter.

If you can positive rate5 stars it is much appreciated.

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Customer reply replied 4 months ago
This is not coming from his estate. The one trust is being contributed to by his father and other relatives. The second trust is being contributed to by friends, family and other associates

Either way it is the same gift /trust/probate same numbers.As long a it is less than $5,490,00 no federal taxes on these funds.

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$5,490,000 here s in 5 million four hundred and ninety thousand dollars.

RayAnswers
RayAnswers, Attorney
Category: Estate Law
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Customer reply replied 4 months ago
I thought the non taxed amount from someone to family members was $14k per year
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