ANSWERS: 1
  • Go sit down with an attorney who does trusts and knows taxes. If you give someone more than $13,000 this year (2009), you will need to file a gift tax return. So long as your total of gifts hasn't exceeded $1M (lifetime), you probably won't owe any tax but you will have to make the filing. It is odd to be giving something to your mother that might end up coming back in a living trust. Again, a good attorney can help you figure out how to do this. Also note that if you are trying to transfer the house to avoid creditors you need to talk to a bankruptcy attorney because fraudulent conveyances can get you into LOTS of trouble.

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