V
vetat
Guest
a monetary gift to a power-of-attorney
i live in pennsylvania. i am the attorney-in-fact for my elderly aunt who is not competent enough to handle her own affairs. as a gesture of gratitude for taking care of all of her financial and personal affairs over the last 10 years she wants to give me a cash gift of $100,000, a small portion of her estate. i understand from reading previous posts that i would not have to pay income tax on the gift, she would. are there any other taxes i would owe?
also, since i am the one to file her taxes, pay her bills, handle her investments, etc. i would be, in essence, giving a gift to myself. is there a particular way I should handle this? any information you can give will be greatly appreciated.
thank you for your time.
[Edited by vetat on 06-25-2001 at 12:28 AM]
i live in pennsylvania. i am the attorney-in-fact for my elderly aunt who is not competent enough to handle her own affairs. as a gesture of gratitude for taking care of all of her financial and personal affairs over the last 10 years she wants to give me a cash gift of $100,000, a small portion of her estate. i understand from reading previous posts that i would not have to pay income tax on the gift, she would. are there any other taxes i would owe?
also, since i am the one to file her taxes, pay her bills, handle her investments, etc. i would be, in essence, giving a gift to myself. is there a particular way I should handle this? any information you can give will be greatly appreciated.
thank you for your time.
[Edited by vetat on 06-25-2001 at 12:28 AM]