Reply to Mother Left 4.5M Estate to Unemployed, Alcoholic Sister

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[quote=Anonymous][quote]
My childless aunt hit it off with my SIL, who then finagled being her will executor and 100% inheritor! My brother tried to give us some or half- who knows but we immediately cut them out of our estates and wills line up - but over the annual 19k per year gifting it was going to be taxed a lot. You could go on a spending spree for them then or every year…

Big mess. Big family harmony disruptor.
No trust left.

Last thing I said to my brother was how would he, his wife and his four kids feel if we deliberately gave only one of his adult kids $5m?

I said that, listened at the silence, and left the room and building.

Can you please elaborate on the tax implications? I of course believe that there would be but have no idea what that means and I may be in a situation someday where I would need to know to make things right.[/quote]

Lots of misinformation here. You can gift much more than the 19k annually without triggering gift tax, but you must fill out a form (Form 709) and it counts against your lifetime limit of 15 million. The recipient is not taxed on the gift. the PP here was misinformed about taxes.

I know this because I am going to gift my sibling some portion of an inheritance and while I will file a Form 709, I will not come close to exceeding my lifetime limit of 15million (sadly!), nor will he have to pay taxes. I vetted all this with our estate lawyer.

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