dbarash said:
At what age in Massachusetts, is a minor considered competent to make a cash gift of $10,000 to an adult?
My response:
First, you need to understand that even a gift is a form of contract - - something given in exchange for, for example, love, gratitude, or some other intangible reason.
Under the law, a minor is not considered "competent" in certain situations, as in contract law. There is no age minumum that a child can give a gift of any size or type. But, there is a problem nevertheless.
The problem is not the child giving the gift, so much, as it is the adult accepting such a gift. You see, because it is a form of contract, the adult would be "on the hook" for return of the gift until the minor is 18 or over - - that's because a child can "rescind" a contract, and the "consideration" of the contract.
The only time a child cannot rescind a contract is when the consideration for the contract is for the "necessities of life"; e.g., food, shelter, clothing, medical, etc.
So, the adult who's accepting the $10,000.00 "gift" had better "walk on eggshells" until the kid turns 18 - - otherwise he could say, "You know, I really don't like you. I want my money back and I hereby rescind the contract and gift I gave to you when I was 17."
Good luck to you.
IAAL
