My new in-laws are offering 20 acres of property in a trust and say that a piece can be gifted to us without financial penalty. Is this too good to be true?
I am married to the love of my life and we are currently planning our forever home. It sounds great, and it was — until my new in-laws made their grand entrance. They are currently dangling the one gift that they know will change our lives — land — over our heads. They are offering us 20 acres of property in a trust, and say that a piece can be gifted to us without financial penalty. It’s free for us to build on.
MarketWatch’s Tax Guy has another solution: Wait until your in-laws die. “Why? Even if you pay a market-rate rent to your child, the IRS might argue the home’s full date-of-death value still belongs in your taxable estate.” One more thought: What happens if you divorce?There may be other, better options for your in-laws to gift this land to you, especially if you want to build your dream home on it.
Such a “gift tax” could make your in-laws feel like they have a hold over you. Giving assets to family members can also create jealousy among those who like to keep score.Don’t miss: As a baby boomer, I didn’t grow up with this culture of entitlement — do I have to leave my estate to my children or spouse?
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