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If you are thinking of gifting property of any type to your trust, you’ll need to demonstrate your intent by preparing and signing a Declaration Of Gift form. As noted in the language below, the terminology “by way of gift and without any consideration”, demonstrates that this property is being gifted. This statement usually signed by the donor, witnessed and notarized, indicates that the transfer of the asset is a gift, rather than a sale or other type of transaction. This is very important when you wish to prove to the IRS that certain assets were transferred to the trust at a certain time and as a gift.
These forms are generally available in office supply stores. Below is a sample of a Declaration Of Gift: I, John Smith, hereby state a declare that: 1. I am a resident of the State of New York, residing at 123 Maple Street, Anywhere, New York. 2. I, John Smith, have this day executed a Bill of Sale to transfer 500 shares of ABC Corporation, Inc, common stock to Mary Smith, Trustee of the John Smith Irrevocable Trust, dated January 1, 2001, c/o Mary Smith, 123 Maple Street, Anywhere, New York, valued at $10,000, by way of gift and without any consideration. 3. I declare under the penalties of perjury that the foregoing is true and correct and further declare that this Declaration Of Gift is being executed this 10th day of January, 2001. (John Smith, Donor signs the above section) State of New York County of ABC On this 10th day of January, 2001, before me personally came, Mr. John Smith, to me known and known to me to be the 123 Maple Street, Anywhere, New York, individual described in and who executed the foregoing instrument, and he duly acknowledged to me that he understood the meaning of the instrument and that he executed the same. (James Doe, Notary Public signs this section) The document is then signed by a Notary Public, who also affixes his seal.
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