Cash gift
My father in law is about to receiver a large settlement from his deceased brothers estate, he would like to give my husband and his brother each $20,000. Can you tell us what the tax consequence will be for us and my father in law as well?
Thank you
Asked on 9/10/07, 9:14 am
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Cash gift
Your father in law can give each of his children $12,000 in each calendar year with absolutely no gift or estate tax consequences. To play it safe he can give $12,000 this year to each child, and $8,000 on January 1, 2008.
Answered on 9/10/07, 10:07 am
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