Legal Question in Wills and Trusts in California
Gifting
I am in the process of selling my parents property(My father has given me power of attorney and my mother has passed away)We are to divide up the profits between four children. About 1/3 of the profits will pay of the mortgage so only 2/3 will be gifted.
1. What are the requirements and tax implications for my father or the children if we gift all of the proceeds to friends/relatives?
2. Can you gift to a minor, what if you do?
3. What other pitfalls or tax implications are there?
1 Answer from Attorneys
Re: Gifting
there are numerous legal and tax issues related to your question. in addition, the method you are considering may not be the best way to accomplish your purpose. you should retain a qualifed tax and estate planning attorney to provide you with advice and recommendations.
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