Savings transfer to adult son

Forum|Forum|11 days ago
August 5, 2026
7 replies
109 views

I have a client who wants to transfer all of the money in his bank account to his adult son, about $60K. Throughout the years he has paid taxes on his earnings. These are his savings and wants to complete it this year. Question is…. Since this will be once in a lifetime event and since is below the Federal gift lifetime Exemption, Can this be done without triggering a tax? When will he have to use Form 709? Any answers you have on this I will really appreciate. Thank you

IRonMaN

Level 15

No tax involved but a gift tax return will need to be filed.

Slava Ukraini!

A

AdriAuthor

Level 4

Thank you very much for your answer.

sjrcpa

Level 15

Does your client have other assets? Why should he impoverish himself in favor of his son? Is this being done under duress? When I hear all my savings an alarm goes off.

The more I know the more I don’t know.

A

AdriAuthor

Level 4

Thank you, no Duress I think is more of a personal situation.

ljr

Level 9

no tax but gift tax return must be filed - $19K for the annual exclusion. But you did not say how old your client is, but this is waving a really large red flag. Duress? nursing home planning (look back period) I would be asking the big WHY? question.

A

AdriAuthor

Level 4

Thank you. No Duress for sure. Is a personal situation but I will ask more questions for sure.

qbteachmt

Level 15

The limit for reporting is $19,000 per person. That means a married couple (parents) could give to a married child and spouse a total of $19,000 x 4 with no reporting. And if they give again in Jan, that’s the new year and the limit is fresh.

So, that could be 8 x $19,000 (or 4X the 2026 limit plus 4X whatever is the new limit in 2027. If there’s no need to rush it.

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