Legal Question in Wills and Trusts in California
Inheritance
Parents want to give son $27,000 to save house. Can they each gift him $11,000 then gift daughter $5,000 who in turn would gift the $5,000 to brother with no tax issues for any party involved?
Asked on 4/20/09, 11:00 am
1 Answer from Attorneys
Chris Johnson
Christopher B. Johnson, Attorney at Law
Re: Inheritance
The annual exclusion has risen to $13,000 per donor, so you can give up to $26,000 between husband and wife. The remaining $1,000 could go to your daughter (but no strings attached), or could be a loan to the son that could be forgiven as a gift in later years.
Answered on 4/20/09, 1:33 pm
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