Ask TaxMama.Com Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 5, Issue 239        December 19, 2003

Legends and Charity Stock Loss Don't Want Mom's Money What's In A Name Paycheck Deductions   2004 Filing Locations Now Available Online IRS Issues Nearly 500,000 EINS Online   Breakfast Special   E-Mail  This Page To A Friend Your email: Your name: TO email:

Don't Want Mom's Money » From: Redondo Beach, CA Dear TaxMama: Father died. Mother created revocable living trust for three kids. Mother dies this year. One kid wants to give their share of inheritance to one of the other kids. What is the best way to make this happen? Anna Hi Anna, Sorry about your loss. But good news about the money, I suppose. An heir can disclaim their share of an inheritance before they receive it. That means it goes back to the estate and gets split proportionately among the other heirs. I don't believe it can be assigned to anyone specific. That would mean it was accepted, then given away again. The point of disclaiming is that they don't get the money and don't have any control over how it's used. Check with the estate's attorney. If you need someone in Southern California, I can refer you to two good attorneys who understand all this. On the other hand, the heir could receive the money. Then, could turn around and gift it to someone else. That way, they DO control who gets the money, and how much they receive. Depending on the amount of money, they might need to file a gift tax return. And if it's under $1.5 million, they'd have no IRS taxes. But, be careful, there might be state taxes. Hmmm .... looks like you're at Union Bank. (My bank) Your trust department might have an expert in this area. Best wishes, Eva Rosenberg Your TaxMama

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