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stjamescity
Guest
My 87 yr old father has $800,000 in stocks & 4 children and has been advised to give each child $200,000 of stock and then $175,000 in cash in $10,000/yr increments. He has been told that the stock will be revalued to the current value at the time of gift & children will pay tax only on any increase from this revaluation when they sell it. I have read differently & think that we will pay capital gains tax based on his basis, not the revalued basis, but he has financial advisor telling him this. I think it better to have stock go through estate where it is revalued at his death. Who is correct? I am no financial advisor, but have read this. Please help before it is too late. He lives in Indiana. Thanks