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if a parent gives you a gift before they die in front of witnesses

and is not in will...
if a parent gives you a gift before they die in front of witnesses and is not in will does that person have to pay estate
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Answered in 3 minutes by:
3/22/2013
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55,801
Experience: Attorney with 29 years of experience.
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Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. There is only estate tax due on assets owned by a person at death. If an asset is given prior to death, then that asset is not subject to any estate or inheritance tax because it was not owned by the decedent at death. Assets gifted during life are governed by gift tax law. The recipient is not subject to gift tax. And, from the donor's perspective, there should also be no gift tax consequences. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, each person has a $5,120,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,120,000 in gifts without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative gifts have exceeded the $5,120,000.




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Customer reply replied 4 years ago

5 family members , all but one agree and believes that person thinks the recipient should pay , other things were distrubuted except that with no little problem

Thanks for your follow up. It doesn't make any difference what the one thinks. The law determines whether tax is owed, not that person. If it was a gift during life, then there is legally no estate tax.
Richard
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