My father recently retired and moved to Florida where he has been working with wounded veterans. He mostly helps them workout and diet properly. He's been working with them for about 6 months or so now and an older veteran, let's call him Bob, seems to really like my father. They've become very close lately.
The other day my father called and told me that Bob recently told him he has a lot of money in the stock market. My father sent me a picture of Bob's stock portfolio that shows almost $300 million in current value. Bob is older now, late 70s I believe, and has no family. Bob told my father that he would like to give him stocks since he's getting older and has no one to give his money to when he dies. He said all he wants is to buy a house and have my father live in the house and take care of him until he dies.
My father is not very wealthy. We grew up lower middle class but he might have a couple hundred thousand dollars saved in his pension. Bob said he would like to make my father a millionaire. I am not sure how realistic this is, but am not sure why someone would lie about something like this. My father nor myself have any experience with investing or stocks.
My questions are:
-How realistic is this?
-How does someone gift stocks? How about millions of dollars of stocks?
-Is this legal?
-How much tax would the government take? Is there any way to mitigate these taxes?
-What should I look into to get a better idea of how this works?
My apologies if I come off ignorant here. Any additional advice/comments are appreciated.
Submitted April 11, 2021 at 07:18PM by vernsinternet https://ift.tt/3t9NT5L
