Gifts from Cousin Eddie—Acceptance, Ownership and Management of Bizarre Gifts

We all know “that guy” in “that family” who has strange collectibles and gems stowed away–– family partnership interests, virtual currency, a library full of old dingy books, an airplane, a Tuscan villa or castle in England, ranch land (maybe with goats, chickens, pigs and the like), precious jewels, mineral interests, or even a yacht. In this session, we address the maze of questions and uncertainties that surrounds these unusual gifts. Should you accept the gift; how to value it; whether to retain or sell the interests; how to dispose of the items, and what income or excise tax consequences may arise.

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