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property transfer within an estate

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W

wmackay

Guest
What is the name of your state? PA Estate is in NY

I am a co-executor of my father's estate (passed away in 2002). In 2001, my father (party of the first part) signed a Standard NYBTC Form 8002 transferring property to my brother and sister-in-law (party of the second part) "in consideration of Ten Dollars and other valuable consideraton paid by the party of the second part".

My question is very simple: is this transfer considered a gift? In absence of a formal gift letter, could these words be interpreted as a transfer with an implied future monetary exchange?

I am concerned of legitimitizing a gift that may not be a gift.

Thank you.
 



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