My Pops doesn't seem to have too long for this world. The mind is willing but due to the complications of a massive heart event 2-3 years ago and ensuing paraplegic status.... the flesh is weak.
He wants me to have his Truck A Dodge Hemi Daytona.
I'm looking for advice on how to best buy it or gift it or inherit it or whatever, from him so as to avoid unsavory estate tax or death tax or other sneaky retroactive taxes later if he passes fairly soon. I heard that if someone doesn't last 5 years past the "gift" that death tax is due. So I assume a flat out "purchase" is the cleanest "break" of ownership??
Anyone know ANYTHING about this? The State is Wisconsin.
I don't want to "buy it for $5" on the title and then have some red flag send folks from the Department of Revenue calling or something.
I hope my point is coming across.
He wants me to have his Truck A Dodge Hemi Daytona.
I'm looking for advice on how to best buy it or gift it or inherit it or whatever, from him so as to avoid unsavory estate tax or death tax or other sneaky retroactive taxes later if he passes fairly soon. I heard that if someone doesn't last 5 years past the "gift" that death tax is due. So I assume a flat out "purchase" is the cleanest "break" of ownership??
Anyone know ANYTHING about this? The State is Wisconsin.
I don't want to "buy it for $5" on the title and then have some red flag send folks from the Department of Revenue calling or something.
I hope my point is coming across.