Giving property away , who is paying the taxes , please read and help

Hi

I have read so many things about the United States and the laws there.
I am very curious to find out the following situation because I am doing a study on American laws.

Lets say , a person gives to his children a his real estate away , worth several millions of dollars.
He goes to an attorney and has it transfered.
But that person will have to pay taxes to the goverment and he does not have any money any more.
How does the goverment collect if he does not have any money on hand.
The property would be deeded allready to the kids and I wonder how they collect the gift taxes if someone cant pay?
Can they take the property again away from the kids who got it in the first place already deeded over.

Thank you for an answer

Firstly, it would be a stupid mistake to gift the real estate before death. The basis for the real estate is adjusted at death.

Secondly, the giver is still liable for the gift tax.

Thirdly, The IRS will eventually get their money because of the first stupid mistake.

curb1 said:

Firstly, it would be a stupid mistake to gift the real estate before death. The basis for the real estate is adjusted at death.

Secondly, the giver is still liable for the gift tax.

Thirdly, The IRS will eventually get their money because of the first stupid mistake.

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When did you start doing homework?

Can you answer some math questions for my grandkid's fourth grade math class?

I am totally lost.