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    orchidflowers's Avatar
    orchidflowers Posts: 3, Reputation: 1
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    #1

    Jun 21, 2009, 10:00 PM
    Inheiritance to my children
    Can I give each of my children a sum of money before my death that will be their inheiritance, untaxable ? If so, what is the highest amount ? Do I give it to them each month, each year ? I live in Ohio. Also, will they have to pay taxes on the rest of their inheiritance after my death ? Thanks
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
    		  
    #2

    Jun 21, 2009, 10:04 PM

    That's what my grandfather did with his kids -- divided up his land and investments before he died "so I won't have to listen to you squabble over it from my grave." Unfortunately, I don't know the tax ramifications to him or to his kids.

    Consult with a lawyer, or, if you are patient, there are several legal experts here, but, as far as I know, they live in the Eastern Time Zone and won't see your question until Monday.
    orchidflowers's Avatar
    orchidflowers Posts: 3, Reputation: 1
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    #3

    Jun 21, 2009, 10:12 PM

    Thank you, I guess I will wait for a answer from some one.
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
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    #4

    Jun 21, 2009, 10:15 PM
    Please be patient. We all volunteer our time here. We are ordinary people, with ordinary lives. BUT we do have some wonderful experts in the Law categories.
    orchidflowers's Avatar
    orchidflowers Posts: 3, Reputation: 1
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    #5

    Jun 22, 2009, 07:08 AM

    Thank you J-9. Everyone's time and help is greatly appreciated !
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #6

    Jun 22, 2009, 09:47 AM

    I would not even attempt this, advice from experts on this board aside, without consulting with a good, qualified tax Attorney.

    You might be walking on quicksand and this is nothing to guess about.
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