[rattlsnak]

Was wondering on who I need to talk to about getting tax information on receiving some money from my father that is currently in money market accounts. There are three children and my father (90 years old) wants to give all of us @$150K this year as a gift. (We currently get @$15K every year and we are all set up through a trust to receive the estate proceeds once he passes away). I assume the mutual funds/stocks, etc. would have to be sold to raise the cash for disbursement and we are trying to figure out the best way to receive this money with the least amount of tax implications. I've heard everything from you can fill out an IRS form for a gift with no taxes as long as the lifetime amount doesn't go over the inheritance/estate limit. (it wont) and I've heard we have to pay tax penalties and some people say we have to pay capital gains/losses and some say we don't..so just trying to figure out what the best plan is. As I mentioned there are three of us and 1 wants the cash, 1 will take either cash or a rollover of some sort and the 3rd doesn't care and will go with the best way. Anyone been through this before?