Legal Question in Tax Law in Kentucky

Re: Kentucky gift tax

This response assumes that you are referring to federal gift taxes. Basically your father can give away an amount up to the annual gift tax exclusion amount (which is currently $11,000) to each individual each year and he can also give away an amount equal to or less than his lifetime gift exclusion (which is currently $1.5 million). Your father would have to complete a gift tax return in any year in which he used up some or all of his lifetime gift tax exclusion.

There are a number of possibilities in structuring these types of gifts, so you should speak to your tax advisor before you take any action. I hope that was helpful. Be advised that nothing in this posting should be construed as legal or tax advice. It is important that you talk to your advisors to discuss the details of your situation.

Good luck,

Kreig Mitchell, Esq.