Estate Law

Estate Law Questions? Ask an Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Estate Law

I have a question regarding money from an inheritance that I

Customer Question
Hi. I have a question...
Hi. I have a question regarding money from an inheritance that I declined at the time of my mother's death. Is there a way for my brother to be able to give me the money without him exceeding the gift amount per year or me having to pay any kind of taxes on it? It was money that was passed through a trust. thanks for your help
Submitted: 2 years ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 1 minute by:
1/12/2016
Estate Lawyer: P. Simmons, Attorney replied 2 years ago
P. Simmons
P. Simmons, Attorney
Category: Estate Law
Satisfied Customers: 35,675
Experience: 12+ yrs. of experience including estate law.
Verified

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

There is a way to avoid the gift tax.

Your brother can create a trust and pass the money to you in trust...that would avoid the tax.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

Ask Your Own Estate Law Question
Customer reply replied 2 years ago
He currently has a family trust. Would he have to create an additional trust in my name to pass my money back to me? Or could he just put the money in my name.?? Would I have access to it untaxed once placed back into my name ??? Not sure that i understand the process.
Estate Lawyer: P. Simmons, Attorney replied 2 years ago

Yes. He would...if the goal is to avoid the gift tax, he will need to make a trust (have a local attorney assist with this, since you need one to create a trust), then when the trust is created, he can place the money in trust.

This will avoid the tax

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

Ask Your Own Estate Law Question
Customer reply replied 2 years ago
also, would the distribution count toward his maximum lifetime of distribution? I think that is his main concern that it will be counted as part of his amount gifted out
Estate Lawyer: P. Simmons, Attorney replied 2 years ago

You avoid that with a trust...that is why you create the trust...

Ask Your Own Estate Law Question
Customer reply replied 2 years ago
I guess I didn't make myself clear. The amount is about 150K which would be counted against the maximum amount he can gift out. I dont think he wants the amount to count against his maximum lifetime. I guess i need to have a discussion with him. Thank you for trying to help.
Estate Lawyer: LegalGems, Attorney replied 2 years ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 11,513
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
Verified

Thank you for your question. New professional here trying to assist.

So while the IRS has a $14,000 annual limit on gift giving, taxes are not paid until one reaches 5.43 million in lifetime gifts. However, if one gifts over the annual limit they need to fiel form 709

that information can be found here:

https://www.irs.gov/pub/irs-pdf/i709.pdf

Think of it as an accounting sytem for the federal government.

Once the lifetime threshhold is met, taxes will need to be paid.

Ask Your Own Estate Law Question
Estate Lawyer: LegalGems, Attorney replied 2 years ago

I'm sorry- I apologize for the typoe

#file form 709

Ask Your Own Estate Law Question
Estate Lawyer: LegalGems, Attorney replied 2 years ago

That form and instructions are here: https://www.irs.gov/pub/irs-pdf/i709.pdf

Ask Your Own Estate Law Question
Customer reply replied 2 years ago
Thanks. I will have to ask him if he is concerned that it will put him short on the 5.43M limit of lifetime gifts. Who will care once he is gone?? I will get in touch and see if we can't work something out. The 150K to him is like a quarter to me, so we are on different financial planets.
Estate Lawyer: LegalGems, Attorney replied 2 years ago

You are welcome. If this information is helpful please don't forget to rate my answer positively!

If the gifting limit is exceeded, the giftor (not the recipient) is responsible for the gift tax.

I hope you are able to work something out, especially if the inheritance was originally declined since it basically reinstates the wishes of the decedent. I hope this information has been helpful! (if so, please dont forget to rate positively so my customer satisfaction scores remain high).

Thank you and take care!

Ask Your Own Estate Law Question
Ask LegalGems Your Own Question
LegalGems
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 11,513
11,513 Satisfied Customers
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor

LegalGems is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,488 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,126 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,032 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,841 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,454 satisfied customers

Experienced in multiple areas of the law.

ScottyMacEsq

ScottyMacEsq

Attorney

1,167 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Estate Law Questions
My mom is on her death bed and staying one of my sisters. My
My mom is on her death bed and staying one of my sisters. My mom gave me some money 3 years ago as I was the only one took care of the house. On a visit to my mom, the sister came in the room and init… read more
Damien Bosco
Damien Bosco
3,388 satisfied customers
How much does it cost to use this service. For the state of
For the state of California (Alameda County Superior Court) what is the duty of a court appointed estate administrator when evidence has been presented to him and indicating there are two wills and how does a judge determine which will will probate the estate? … read more
LegalGems
LegalGems
Attorney
11,513 satisfied customers
My friend has a problem. When she was an child, her
My friend Kelley has a problem. When she was an child, her grandfather (a stockbroker) bought her stocks in AT&T circa 2003, in care of her mother. Her mother did not tell Kelley about this stock and … read more
Marsha411JD
Marsha411JD
Doctoral Degree
20,225 satisfied customers
My Mother just passed away. What do we do about her bills?
my Mother just passed away. What do we do about her bills? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
My mother just turned 94 and lives here in St Pete and may
My mother just turned 94 and lives here in St Pete and may need nursing home care. She really doesn't know to handle her home. … read more
Ely
Ely
Counselor at Law
Juris Doctor
1,841 satisfied customers
Does the executed of a will need to get all us girl's
Does the executed of a will need to get all us girl's approval on selling the estate and his race horses? Can she be the only deciding factor in those decisions?… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
I am a member of an irrevocable family trust with 8
I am a member of an irrevocable family trust with 8 beneficiaries..The trustee just sold the property in the trust for $170,000. First question is if he distributes all of that money to beneficiaries … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
My father died and I was not told within the 20 days my
hello, yes my father died and I was not told within the 20 days my fatjer made it clear that I and my brother plus his step child inherit his will and trust. a cousin of his went to his home when he w… read more
Bill Attorney
Bill Attorney
law
1,596 satisfied customers
My question: Can a lifetime power of appointment over trust
Hello. My question: Can a lifetime power of appointment over trust assets be exercised in the holder's will as though it were a testamentary power of appointment, or must it be exercised prior to the … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,157 satisfied customers
Can cash in trust account be used for expenses on a home in
Can cash in trust account be used for expenses on a home in the trust. The beneficiary does not reside in the house the settlor /grantor of the trust does? … read more
jb156200
jb156200
Associate Attorney
Doctoral Degree
461 satisfied customers
A friend of mine is in the early stages of dementia. She is
A friend of mine is in the early stages of dementia. She is currently trustee of her deceased father's trust and executor of his will. The trust designates someone else to serve as trustee if she is "… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
996 satisfied customers
I have a trust document that I'm trying to understand and I
Hi, I have a trust document that I'm trying to understand and I was wondering if I could get some quick help in interpreting it. … read more
jb156200
jb156200
Associate Attorney
Doctoral Degree
461 satisfied customers
My mother passed away 2 years ago. She owned a house with my
My mother passed away 2 years ago. She owned a house with my Step-father who currently lives in the house, and they had a bank account totaling about 20k. As her natural daughter do I inherent any of … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Can a will only have interested witnesses? California. Just
Can a will only have interested witnesses? JA: Estate laws vary by state. What state are you in? Customer: California JA: What documents or supporting evidence do you have? Customer: Just the will JA:… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers
I am looking for the correct form to request order to compel
I am looking for the correct form to request order to compel executor to account … read more
amir atashi rang
amir atashi rang
Principal
LL.M. (Taxation)
3 satisfied customers
The property assessments in DC do not go into the 90's. We
The property assessments in Washington DC do not go into the 90's. We need to know the property value in 1996. Someone mentioned a Lusk book for historical assessment records or going to a public libr… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
I want to say that I didn't see any of this coming. My two
First, I want to say that I didn't see any of this coming. My two siblings and I are not close, but we got along well enough. The immediate background is that in 2016, my siblings (Ss) called the poli… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I filed a will for my father- in-law today. He passed last
I filed a will for my father- in-law today. He passed last week. what happens now. What do I need to do next?? … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x