Also I would like to know what the number one reason a person would transfer so many properties to their wife as a " Gift " ? If possible please answer . Thank You
I may not understand your question. After you give something away, it is not "yours' to give away again. No one can speculate as to another's generosity, or whether some undue influence is involved.
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
3 lawyers agree
Estate Planning Attorney
Your question is not clear. As to how much property one can give to a spouse, the answer depends in part on whether you and your spouse are 'US citizens or not. There are no federal gift taxes (and no California gift taxes) on gifts from a US citizen spouse to another US citizen spouse. The answer is different for non-citizens.
As to "why" a person would make multiple gifts, the answer would require a lot more information - there may be tax reasons or other reasons prompting the gifts.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of California. Responses are based solely on California law unless stated otherwise.
6 lawyers agree