What is the name of your state? NY
I would like to have my mom put down $70,000 down on a coop that I would like to purchase. There will also be a mortgage She wants to avoid gift tax. Can she just make the check out to the coop corporation? Can she make the check out to the attorney and he puts in escrow? Does she have to do anything? I know there is a law about $1,000,000 maximum gift to be applied to the estate if you go over it. What do you suggest?
--thanks
I would like to have my mom put down $70,000 down on a coop that I would like to purchase. There will also be a mortgage She wants to avoid gift tax. Can she just make the check out to the coop corporation? Can she make the check out to the attorney and he puts in escrow? Does she have to do anything? I know there is a law about $1,000,000 maximum gift to be applied to the estate if you go over it. What do you suggest?
--thanks