gift to son

[MakinMeCrazy]

its me again...
this has me a bit worried..when my husband retired March of 2008, he took a particial lump sum payment from his state pension...it was large, I gave our son a gift of 5000 dollars ..we never were able to do this before,
This is my question I read that the look back is 1 year, BUT on some threads I have seen 2 years? which is correct? We have planned to file about May of 2010, is it really years that a trustee can go back on a gift given? we NEVER dreamed we;d be filing BK ...not ever thanks in advance

[jribe]

its me again...
this has me a bit worried..when my husband retired March of 2008, he took a particial lump sum payment from his state pension...it was large, I gave our son a gift of 5000 dollars ..we never were able to do this before,
This is my question I read that the look back is 1 year, BUT on some threads I have seen 2 years? which is correct? We have planned to file about May of 2010, is it really years that a trustee can go back on a gift given? we NEVER dreamed we;d be filing BK ...not ever thanks in advance

there is a very long form; either financial affiairs or something like that- that asks about things from longer ago (2-10years). You will need to disclose the gift.

That doesn't mean they'll take it back from your son; there is a gifting limit by the IRS- which you're under.

As long as you didn't go delinquent shortly after the gift- i think you'll be fine.

[whipster1]

One year for gifts above 200 bucks to family.

[MakinMeCrazy]

you guys are GREAT! thank you......I'm not late on any of my bills..but my husband is soon to lose his temp service job and I know we will need BK by early spring 2010...but I was so scared they would ask for it back from him, he has many complications from diabetes and to him this gift was something he never dreamed of. I just for once in my life wanted to do something special for him