T
tgitom
Guest
What is the name of your state? ny
My friend has been in court and won a huge settlement, I was told in the litigation forum here that it can be assigned over to a loved one or anyone. So the question is what are the tax implications? Can she just sign it all over to someone and then they take care of the regular taxes or does it have to go over as a gift tax with the bigger tax penalties of that? Also she hasnt recieved it yet but will soon. Thank you!
My friend has been in court and won a huge settlement, I was told in the litigation forum here that it can be assigned over to a loved one or anyone. So the question is what are the tax implications? Can she just sign it all over to someone and then they take care of the regular taxes or does it have to go over as a gift tax with the bigger tax penalties of that? Also she hasnt recieved it yet but will soon. Thank you!