My husband and I will be the receivers of a gift from a friend. He will be giving us $25,000. How is the best way to handle this situation for all parties? He will either cash out some stock or sign the stock over to us.In addition we have a 14 year old son. Would it be better for some of the money to be given to him instead of one of us?If the donor gives each my husband and I $10,000, does this qualify for the gift tax exemption? Will my husband and I need to file taxes separtely to avoid taxes?Finally, we are willing to break up this gift over 2 years to maximize or minimize the benefits if this will reduce taxes.Any help will be greatly appreciated.
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