Will a Gift From Your Parents Become Marital Property if Used to Buy a Home
The parents of a woman in Nevada want to give her an "early inheritance" gift, to help her buy a home with her husband. If she uses the money for the down payment on a marital home, will it become a marital asset or is there a way to preserve the money as the wife's separate asset?
Re: Will a Gift From Your Parents Become Marital Property if Used to Buy a Home
It is possible to maintain the money as a separate asset but, even if the husband agrees to cooperate, it will be tricky. The parents may want to consider other options, such as making a loan that they forgive in their wills, perhaps interest-free or perhaps with the interest forgiven in the form of an annual gift. If the amount of money is substantial, they will likely benefit from consulting an estate planning lawyer to discuss their options, and to create the requisite paperwork to protect the daughter's interests if they decide to proceed with the gift.