Legal Question in Wills and Trusts in Virginia
Dividing money between my brothers and me
Our mother recently passed away. I was joint on her checking and money market accounts, with full survivalship. According to the bank, this money is now mine. However, I know my mother wanted me to split this money with my brothers. How can I do this with no tax liability to them and to me?
1 Answer from Attorneys
Re: Dividing money between my brothers and me
Good for you. The answer to you question may depend on the amount to be divided. You have the right to transfer to EACH of your brothers the amount of $12,000 EACH YEAR without having to pay any tax on the transfer; in fact, I believe you would not have to file a gift tax return if the amount is kept at or under $12,000 per brother per year.
I don't know how much is involved, or how many brothers there are, but $12,000 per year per brother can get rid of a lot of cash in short order.
Since these would be gifts to your brothers, they would not have to pay tax on the transfers.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
