Legal Question in Civil Litigation in New Jersey
Money given as a gift...
we were given a gift of money by parents 2 1/2 years ago and now they decide they want it back. is it ours forever? there were no letters typed up as far as it being a loan, just given to us. they even had a tax gift letter drawn up by an accountant for tax purposes.
3 Answers from Attorneys
Re: Money given as a gift...
On your description, it sounds like a gift to me. If the gift was unconditional, it does not have to be returned.
By way of example, the classic conditional gift is the engagement ring which the law considers a gift in contemplation of marriage. If the ceremony doesn't happen, the ring goes back.
The tax opinion letter is good evidence of donative intent if you need it and can get a copy.
See also: http://info.corbettlaw.net/lawguru.htm
Re: Money given as a gift...
Sounds like a gift to me. You should be fine.
Re: Money given as a gift...
By definition a gift is yours to keep.
Gary Moore, Esquire
Hackensack, New Jersey
www.garymooreattorneyatlaw.com
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