I have a question for y'all. I have talked my 62 years old sister into retiring from her high-stress job. She really needs to do this to preserve her health, and is fully onboard.
We are about to sell my dad's house, in a couple months, which is deeded to be 99% in his name, .5% in her name, and .5% in my name. It will net about 300K from the sale. She needs 80K of that to pay debts and enable the start of her retirement (and will also start SS).
The question is, how best to get that money to her? I am thinking, if he gifts her 15K now, gives her 50K more, and then gifts her 15K on Jan 1st, she will only need to pay taxes on 50K.
Is there a better way to do this (get the money to her)?
We are about to sell my dad's house, in a couple months, which is deeded to be 99% in his name, .5% in her name, and .5% in my name. It will net about 300K from the sale. She needs 80K of that to pay debts and enable the start of her retirement (and will also start SS).
The question is, how best to get that money to her? I am thinking, if he gifts her 15K now, gives her 50K more, and then gifts her 15K on Jan 1st, she will only need to pay taxes on 50K.
Is there a better way to do this (get the money to her)?