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Re: Widow's Fund

Poster: steele@sprynet.com

On Fri, 19 Jul 1996, afcarey@norfolk.infi.net (anne carey) wrote:

>Actually, if it is treated as a gift from individuals to an individual,
>there is *no* effect on the recipient's taxes....There is also no effect on
>the donor's taxes (no deductions allowed.)  (unless the donor gave more
>than $10,000{or is it $20,000?}...then the *donor* would be required to pay
>a gift tax on the amount exceeding $10,000 {or $20,000}
  Exactly, but a good accountant could make it clear what happened. Thus one 
could avoid misunderstandings if Lady Generous was the clearing house for the 
donations, put them all into one account and wrote say a $10,000 check to the 
widow. Unlikely it would be that large, but worth doing.
  It would also be good to make it clear it was a gift to the widow and not to 
the estate and the beneficiaries thereof.

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