Legal Question in Wills and Trusts in Pennsylvania
How much money can I give each child each year without penalty?
Asked on 12/15/10, 12:31 am
1 Answer from Attorneys
You can gift up to $13,000 per person. Your spouse, if you have one, can also give up to $13,000. However, you need to see if it makes sense to gift. Why are you gifting now? Will you be needing Medicaid?
There are many unanswered questions here and if you have a substatnial estate, you need to sit down with a financial planner and an estate planning attorney so that any gifting is done properly.
Answered on 1/11/11, 8:26 pm