My sibling has $300,000 that was generated in a business I provided the idea for but I had no involvement in the operating of the business. He paid all of the taxes as he should, and is now left with the $300,000...of which half is mine. There are no disputes about the $150,000 that is mine.
I'm not in any huge hurry to get the money, and am fine with getting $14,000 per year gifted to me tax-free. We do, however, want to get the money protected in case he gets married and dies or whatever. It seems like an irrevocable trust is the best solution - agree?
If that's the solution, how would that work - the trust would gift me $14,000 per year?
Thank you!
I'm not in any huge hurry to get the money, and am fine with getting $14,000 per year gifted to me tax-free. We do, however, want to get the money protected in case he gets married and dies or whatever. It seems like an irrevocable trust is the best solution - agree?
If that's the solution, how would that work - the trust would gift me $14,000 per year?
Thank you!
Trusts: California Trust
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