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If you "inherited" the money, somebody died. My condolences.
To "remain" in your father's name that means HE inherited it, not you? His age has nothing to do with anything here. Or is he the one who died? If so there may be estate tax unless he has utilized one of the
techniques for avoiding that.
Who died? Under the terms of the will or the probate court, who does it belong to?
If it belongs to you, as maybe your grandfather died and left YOU the $800000, you can gift $10000 a year to your father if you wish.
If it belongs to your father, he can similarly gift $10000 a year to you, and another $10000 to your sister.
Your terminology isn't consistent. It is therefore not possible to give an opinion without knowing more about the circumstances.
Best wishes, Chris
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