Legal Question in Tax Law in Tennessee

What are the tax implications of giving $10,000 to an immediate family member?


Asked on 7/27/09, 4:17 pm

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Depending on the size of your potential estate it may make sense to make gifts. The current tax code allow about $12,000 per person or entity. You can gift to people who are not related to you. Once a gift is given you no longer own the asset and have no ability to control the funds. Gifts can be made to trusts.

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Answered on 7/27/09, 8:12 pm


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