The period between Valentine's Day on February 14 and Tax Day on April 15 is a good time to talk about gifts and taxes.
In this week's episode of his Family Matters vlog, partner Joseph Trotti, head of Vishnick McGovern Milizio LLP’s Matrimonial and Family Law Practice and founding partner of the VMM Family InstituteSM, explains what gifts are considered marital property and subject to distribution in a divorce, cases of third-party gifts to one or both of the spouses, appreciation in value of a gift, what's taxable and what's not, tradeoffs, and other need-to-knows in time for tax season.
