How to Keep the Money You Were Gifted or Inherited, by Lisa Duffee

15 JanHow to Keep the Money You Were Gifted or Inherited, by Lisa Duffee


Did you receive a gift of money from your parents for Christmas? Do they give you an annual gift up to the maximum allowed without taxation?  For example, many parents gift their children $15,000.00 each year.  If 10 years later you are going through a divorce, how do you ensure that you are able to identify these gifts as separate property?  #1. Put them in an account with nothing else. 2. Title the account “Separate Property” 3. Do not spend the money. 4. Do not spend it and then replace it with other monies. 5. Keep all of the monthly statements as they come in each month.Be aware that interest accumulated in the account may be community property.

If you are married and you have no prenuptial agreement and have not partitioned your assets (post nup) than you are subject to the community property laws of our state.  Gifts are separate property and that means that they are not in the community property pot to be divided at divorce.  BUT it is your burden of proof to prove that you received the money as a gift AND that you didn’t spend it and that we can trace it and find it. If you want to protect the interest also you should consider a partition agreement (post nup).

 

About Lisa Duffee:

Lisa Duffee, founding partner of Duffee + Eitzen LLP, efficiently represents her clients as a family law attorney- negotiating and securing financial settlements in divorce, complex property division, and custody cases. She has practiced law in the Dallas area for over three decades, representing clients in jury trials and bench trials. Prior to her transition to family law in 2000 Duffee was a partner at 2 large Dallas law firms, handling complicated business and real estate litigation matters. With experience in collaborative law, Duffee employs compassionate spirit, business acumen, and innovative problem-solving skills to assist clients in reaching their goals. She is known for seeking resolution through negotiation, facilitation of communication, and a clear understanding of the client’s end-goals. The results minimize expense, emotional toll, and psychological impact. Her respectful demeanor and empathy for clients affirm her reputation as a discerning advocate.

Duffee is rated as a Best Lawyer in Dallas by D Magazine, SuperLawyers, Best Lawyers America: Collaborative Law and Family Law, and LawDragon top 500 Leading Family Lawyers, Top Ten Dallas Family Law Attorney

 

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