Reply to Relatives promising inheritance I don't want

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My aunt and uncle (siblings) have decided that their children are irresponsible and so they want to leave their assets (one is high 7 figures) and real estate to me. They think because I am their version of responsible I will not squander the money as they assume their children will do. I don't want this and have said so, but they aren't listening. I know wills can change, but if I do end up inheriting, would I be wrong [b]if I just give the money and houses to their children[/b]? Would you? [/quote]

Question: if OP does just give the money and property to their children will OP then be responsible for taxes as I am assuming the amounts given would be well above the annual gift limits? [/quote]

No. OP can disclaim the inheritance which will trigger it to automatically go to the next in line, which should be the kids. [/quote]

Unless the will says otherwise. If they want to disinherit their kids, the will will probably be very specific about that, and likely have an alternate beneficiary.

But it is true that OP can’t just take the money and give it to the cousins without triggering gift tax issues. If it’s under the lifetime exclusion amount, OP wouldn’t owe taxes, but it would count against their estate exclusion amount when OP dies. [/quote]

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