15 January 2018
My dad is 89 years old living in New Jersey USA and suffering from dementia. My brother and I are power of attorneys and have control of his finances. He has approximately $500,000 in invested in various stocks. My dad doesn't need the money and would want us to have access to the money and has every intention of willing his entire estate to myself and my brother upon his passing. However my brother and I would like to enjoy some of the money while he is still alive. Assuming we might want to take out say $100,000 and split that between myself and my brother would that be allowable? Would my dad have a tax burden on the $100,000? Would I have to pay taxes on the $50,000? Is it possible to do this in a way that would remove the tax burden if there is one. What is the best way for me to proceed?
CAclubindia
