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

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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.