Re: Paying off my parents mortgage?
Disclaimer: I am a lawyer but know nothing about trusts and estates, take my advice at your own risk, blah blah blah go see somebody who actually practices this because it's so ridiculously boring
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If you're worried about the yearly gift exclusion, why not just pay the max this year & then pay the rest in January.
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Since the total amount involved is 35K, this is probably the best way to go about it. I'd tell you to talk to a couple of lawyers if this was for 500K, but since the whole thing fits into three gift exceptions, it isn't really worth it. I am sure that there are ways to structure this transaction that makes both you and your parents some kind of profit over and above that, but a)I know nothing about them and b)my hunch is that the lawyer fees would eat it.
To be sure they cash them all, send them two checks in mid December and one in early January so they don't have too much time to change their minds.
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