text: is there a gift tax consequence here? my grandfather recently passed away, leaving a $1 million estate to my father (life estate) with the remainder interest to myself and two siblings.    my father decided to sign the property away to myself and the siblings 11 months after my grandfather's death (no valid disclaimer).  does my father have any gift tax responsibilities? yes, because he gifted more than $11,000 your dad has to fill out a form 709.  it's too late now, but it probably would have been more tax efficient to have your father gift it to each of you $11,000 at a time.