Legal Question in Family Law in Maryland

Re: giving your child funds from your annuity as a one time gift

Gifts from annuities can be claimed as part of the $10,000 per year, per individual exemption under Federal law and tax ramifications vary based on your return as to State taxes. If you are asking whether such a gift will satisfy a child support obligation, the answer is yes. The OCSE will accept any transferable value toward child support. As to privately arranged child support obligations, an annuity should be accepted however costs to readily liquidate the asset may not be recoverable.

Without other detail, more cannot be said. An attorney with personal tax return experience, like myself, may be able to assist you. I also have experienced return preparers that can assist you if you matter relates solely to financial statement preparation.

G. Joseph Holthaus III

(410) 799-9002

[email protected]