Reply to Relatives promising inheritance I don't want

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
1. You steadfastly and PUBLICLY refuse it, so as to preserve your relationship with your cousins.
2. If you're still the recipient, you transfer it to the cousins. Try not to pay the taxes out of your own money, though. That would not be fair to you.
[/quote]

This made me wonder, if OP gets the money and then pays the taxes out of the money and then gives what's left to the cousins do they then have to pay gift taxes on that amount?  This is starting to look like the aunt and uncle might as well just go ahead and donate the money to the government.[/quote]

Nobody pays taxes unless the gift amount is over the exclusion amount (currently $12.92 m). If it is, the tax is on the giver. However, even if it is under, if it is 7 figures, OP would have to report the gift to the IRS, and the gift would count against their lifetime exclusion amount, so OP’s estate could end up owing taxes if they leave a significant amount to their heirs. Congress changes the exclusion amount from time to time, and when the current level expires, it could be significantly lower.[/quote]

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