My ex wife was diagnosed with terminal cancer in Dec. 2014 and is now in hospice care. We have one adult son who is homeless and financially irresponsible. My ex transferred her investment savings of $147,000 to my account. She wants me to get him some needed medical and dental care as well as to build him a small home on a piece of property I own, so he will always have a home.

I am concerned about what the tax implications will be and how I could best handle this situation to minimize any loss to taxes. Your advice would be appreciated.