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There is a woman who found over 1 million dollars worth of gold coins,gold bars in her uncle's garage,she is the only beneficiary.
Now,it is not in the will,the will said she gets the house,no mention of all that gold
So legally I can give my son 15,000 per year now and he could legally buy a house that we would live in when he’s 18 so it would be in his name
You'd need an elder law attorney for this, but:
If you want to house together, you can make your present house a "life estate" that would technically be his under at least two criteria:
In a life estate, you own/live in/maintain your house.
Should you become unable to live it (I ee. Go into a nursing home permanently, the house would be HIS and no longer your asset;
Or
2) you die.
Either case it becomes his automatically.
Again, check with an elder law attorney. It might be best to pay one their fee to answer all your questions.
To answer the question:
Yes, you can give him $15k/year and if he saves it, he can buy a house.
I was assuming you were talking about an ADULT son, rules for gifts to minors are different.
Best advice here is: consult an elder attorney who can tell you all the INS and outs
Life insurance with him as beneficiary can go directly to him.
You can set up TOD/POD (Transfer On Death/Payable On Death) for all your bank accounts.
Any investments accounts can name him as beneficiary
There's ways around things, and there's "gotchas" on a lot of things.
Under the gift laws, you can GIFT ANYONE $15k without paying taxes this year.
I'd be very greatful if you gifted ME $15k this year, and I can assure you I'll be a GOOD STEWART Of the funds....PM fir my address...
If you want to house together, you can make your present house a "life estate" that would technically be his under at least two criteria:
In a life estate, you own/live in/maintain your house.
Should you become unable to live it (I ee. Go into a nursing home permanently, the house would be HIS and no longer your asset;
Or
2) you die.
Either case it becomes his automatically.
Some states value the life estate as an asset and value it accordingly. The life estate must be sold and the funds used for care. You would be surprised at the high valuation of some life estates.
Something to think about is a nursing home would find my assets and suck up thousands per month wouldn’t they? In the event I needed to be placed into a nursing home at some point?
You pay for nursing home services just like any other service you buy.
Can someone sell their home to their kid for a dollar?
Yes but this is probably the worst idea.
Son could sell the home any time.
Creditors of son could take the home.
Son could die
Son could get married
Son could get divorced
.......
Son would not get a step up in value at your death.
I would put this down as one of the questions to ask your attorney so you can learn about the problems and why you do not want this option.
Exactly, this is what we have been doing for the last 20 years. It started with $10K and is now $15K.
Actually, you can gift up to $11.7 million tax-free over your lifetime. If you gift a recipient more than $15,000 annually you must report it on your tax return. The overage amount is then deducted from your lifetime limit. Neither you nor your recipient is taxed on the gift as long as your total lifetime gift amount remains under the $11.7 million threshold.
The $15,000 annual gift (per recipient) is NOT deducted from the allowable total lifetime gift exclusion, only the amount gifted about the annual limit is deducted.
The vast majority of people can gift as much as they want without paying taxes as they will not meet the lifetime exemption amount.
Actually, you can gift up to $11.7 million tax-free over your lifetime. If you gift a recipient more than $15,000 annually you must report it on your tax return. The overage amount is then deducted from your lifetime limit. Neither you nor your recipient is taxed on the gift as long as your total lifetime gift amount remains under the $11.7 million threshold.
The $15,000 annual gift (per recipient) is NOT deducted from the allowable total lifetime gift exclusion, only the amount gifted about the annual limit is deducted.
The vast majority of people can gift as much as they want without paying taxes as they will not meet the lifetime exemption amount.
Thank you this is good info. Not that anyone will receive $11.7 million from me.
Yes but this is probably the worst idea.
Son could sell the home any time.
Creditors of son could take the home.
Son could die
Son could get married
Son could get divorced
.......
Son would not get a step up in value at your death.
I would put this down as one of the questions to ask your attorney so you can learn about the problems and why you do not want this option.
Ok thank you. Makes sense
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