Legal Question in Tax Law in California

I was the beneficary to my husbands life insurance. I would like to give some of the money to my sons. Do I need anything in writing to show this as a gift.


Asked on 12/18/09, 2:22 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

yes, if the gifts of cash are more than $13,000 per year per donor per donee, you will need to file a federal gift tax return (form 709). as long as your lifetime gifts to all donees (other than a US citizen spouse) are $1,000,000 or less no tax will be due, but the form 709 is still required.

see http://www.irs.gov/pub/irs-pdf/f709.pdf and http://www.irs.gov/pub/irs-pdf/i709.pdf.

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Answered on 12/24/09, 7:34 am


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