Estate/Inheritance Tax vs. Gifting
My mom (currently in hospice care) is concerned about money issues because she saw a commercial on TV about gifting vs. your beneficiary paying taxes. Although she has a recent Will, she wants to know how much each of us will have to pay in taxes once our inheritance is distributed. We each stand to receive about 25 to 30,000 and for some reason she thinks we'll have to pay 42% tax. She is asking about gifting but I don't really have the answers. To be honest, the end is very near and I don't know what to tell her nor do I know if we have time to accomplish anything. She's trying to protect us from being overtaxed (on money she worked hard for and already PAID taxes on). She's pretty distraught and seems to be worring about end-of-life issues. I'd like to put her mind at ease.