Legal Question in Wills and Trusts in Texas

Gift money / Living Trusts / Tax Liability

My father-in-law gave my wife $120K to purchase a home for our family. My wife was advised to set up a living trust. After the money was deposited into the living trust, she purchased the home. What is the tax liability on the $120K? What are typical attorney fees to review the living trust?


Asked on 2/19/09, 12:37 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Gift money / Living Trusts / Tax Liability

There should be no tax liability to you, only an erosion of the exemption of your father-in-law's estate at the time of his death. An attorney should charge between $250 - $500 to review the trust.

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Answered on 2/19/09, 7:38 am


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