Legal Question in Wills and Trusts in Florida
My mother has an account from the sale of her home. She plans on giving each child around 25 thousand each. How much tax does each child have to pay on the money received if it is not given to each child until after her death, and is their a tax to be paid by the kids if the money is given while she is still alive. Thanks Mike
Asked on 11/09/10, 9:01 am
1 Answer from Attorneys
John Harmon
The Law Office of John W. Harmon
The children will pay no tax on the money rece$ived. The mother will have to file a gift tax return. You are allowed to give away 1 million dollars in your life time, over the annual exclusion. An estate tax, is unknown at this time, it will enclude the gift if it is within a certain # of years before death.
Answered on 11/14/10, 9:21 am
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