QUESTION
How would I know who gets or takes the value of a gift if it was given to my girls?
Asked on Aug 27th, 2012 on Estate Planning - Wisconsin
8 ANSWERS
Leonard A. Kaanta
The gift goes to the person who receives the gift.
Answered on Aug 29th, 2012 at 2:35 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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I assume you are asking a tax question, for which I am not qualified to give you an answer. Please consult with a tax accountant for your answer.
Answered on Aug 27th, 2012 at 4:24 PM
3 Awards
Your question is unclear, if the gift was given to your daughters, they get the value. However, I am unsure if that is what you are asking. You may need to re post your questions with more details.
Answered on Aug 27th, 2012 at 4:24 PM
Peter James DeRose
Typically, gift tax is the responsibility of the Donor. There is such a thing as a Net Gift, where the tax is paid by the Donee. You need a qualified tax attorney to help you figure it out.
Answered on Aug 27th, 2012 at 1:10 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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I do not understand the question... If your girls are given a gift.. they get the value.
Answered on Aug 27th, 2012 at 1:10 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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I am not sure I understand your question. You need to be more specific. When you speak of "gift" do you mean an inheritance or do you mean a lifetime gift? When you say girls, are you speaking of adults or minors? There can be a major difference. Please feel free to post additional details and I will try to assist you.
Answered on Aug 27th, 2012 at 1:09 PM
Alternative Dispute Resolution Attorney serving Baltimore, MD
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Whiteford, Taylor & Preston L.L.P.
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If the girls were given a gift, then they should have received the gift. Perhaps the question should be restated in order to clarify what the questioner is asking.
Answered on Aug 27th, 2012 at 11:55 AM
If your daughters are adults and the gift was given to them outright, then they will take the gift. If your daughters are minors, then the gift will likely be held in a trust until they reach a certain age or by a custodian. There is not enough information in your question to provide a definitive answer.
Answered on Aug 27th, 2012 at 11:54 AM