What is the name of your state? New York
My wife's grandmother passed away leaving an estate valued at $450,000. This amount belongs to one of 3 siblings (Sibling A). Sibling A now wishes to gift equal amounts to her other 2 siblings (Siblings B & C).
Sibling B, cannot show assets, and has signed over her deed and control of her assets to one of her children.
What is the tax impact on the child who has control of Sibling B's assets?
My wife's grandmother passed away leaving an estate valued at $450,000. This amount belongs to one of 3 siblings (Sibling A). Sibling A now wishes to gift equal amounts to her other 2 siblings (Siblings B & C).
Sibling B, cannot show assets, and has signed over her deed and control of her assets to one of her children.
What is the tax impact on the child who has control of Sibling B's assets?