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a gift definition

when does a gift become an asset. If someone gives you a gift and it is sent to your bank account and it is cash. is this an asset. This is not 100 dollars this is more like in the over 40 000 amount.

Posted from: Ontario

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One Response to “a gift definition”

A licensed trustee said...

You already know the answer – yes, it most certainly is an asset. Any kind of windfall (free money) is 100% seizable by your trustee for the benefit of your unsecured creditors. If you receive any kind of windfall you are required to report the money received to your trustee upon receipt. Failure to report it may land you in a whole lot of trouble…