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.

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Answered on 1/11/11, 8:26 pm


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