Question from Anonymous Caring.com community member
Dad has plenty of money to live on and has decided he wants to gift a big portion of his saved money to his children and grandchildren. We understand that $12,000.00 is the amount he can gift this year without any gift tax form completion needed. Our concern is that he is cashing in savings certificates varying in amounts from $4500-$6500 and a retirement CD of $38,000.00. Will he be in trouble once tax time rolls around? His monthly income from pensions and social security are around $2500.00. What issues should we be concerned with him doing this?
