Legal Question in Wills and Trusts in Washington

What is the limit of a one-time ''gift of money'' other than the yearly $11,000

Within the confines of a family trust, after one of the person's named in the trust is deceased, what is the one-time monetary gift amount that can be given to the beneficiaries of the trust, without incurring a taxable event?(ie. $100,000, $500,000, a million?)


Asked on 3/01/04, 8:14 pm

1 Answer from Attorneys
Bruce Busch Bruce R. Busch, Attorney at Law

Re: What is the limit of a one-time ''gift of money'' other than the yearly $11,

The question is somewhat vague. But ANY gift to a single individual over $11,000 is a taxable event -- at least it must be reported. A transfer in a trust at death may or may not be taxable depending on the size of the estate. I strongly advise you to seek the advise of an attorney or accountant on this issue.

Read more
Answered on 3/02/04, 3:35 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Washington