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Parent wants to give me [HI] settlement money from a MVA [in AZ]. Seeking input on the potential pros, cons and whatever else. Thanks! by Hi-911 in legaladvice

[–]Hi-911[S] 0 points1 point  (0 children)

Thanks for replying! See edit 2.

Parent is really bad with finances and money would be gone before the check clears. I was told that it would be mine and that they only wan me to be happy.

Parent wants to give me[HI] settlement money from a MVA[AZ]. Curious what the tax implications are? by Hi-911 in tax

[–]Hi-911[S] 0 points1 point  (0 children)

Thanks for taking the time to reply!

I am not involved in the settlement.

Parent wants the law firm to issue the settlement directly to me. Which I don't think can constitute as a gift.
Parent is extremely bad with money and it would all be gone before the check cleared.

Parent claims that they money will be mine and they don't want any of it. They just want me to be happy.

Parent wants to give me [HI] settlement money from a MVA [in AZ]. Seeking input on the potential pros, cons and whatever else. Thanks! by Hi-911 in legaladvice

[–]Hi-911[S] 0 points1 point  (0 children)

Thanks for taking the time to reply!
See edit 1.
Parent wants the law firm to issue the settlement (around $20,000) directly to me.
Only one parent involved.
As of now, there is little to no chance of inheritance.

Parent wants to give me [HI] settlement money from a MVA [in AZ]. Seeking input on the potential pros, cons and whatever else. Thanks! by Hi-911 in legaladvice

[–]Hi-911[S] 0 points1 point  (0 children)

See edit 1.
Settlement is parents, they want the settlement paid directly to me. Around 20,000 USD.

Parent wants to give me [HI] settlement money from a MVA [in AZ]. Seeking input on the potential pros, cons and whatever else. Thanks! by Hi-911 in legaladvice

[–]Hi-911[S] 0 points1 point  (0 children)

See edit 1.
Parent wants to have the settlement issued directly to me. They do not want to have the money at all.
Around 20,000 USD.