My father ‘deliberately and hurtfully’ cut my late sister’s two kids out of his will. How can I ensure they get their fair share?
From Yahoo Finance Company.: 2024-05-14 18:11:00
A person wrote in to MarketWatch to ask for advice on how to include her sister’s children in her inheritance when she receives a substantial amount of money from her father. She wants to give the children a fair portion of what would have been their mother’s share. The experts suggest gifting yearly amounts below the $18,000 limit to avoid gift taxes and also consider opening 529 plans and custodial accounts for further financial assistance down the line.
If the reader plans to make substantial gifts to her sister’s children from her inheritance, she may incur gift taxes that could be up to 40%. Opening custodial accounts for investments or contributing to 529 plans for education can also be lucrative options. Some states charge inheritance taxes, but as long as funds are distributed carefully, no gift tax reporting will be necessary. The reader should consider the tax implications and plan her gifts accordingly.
Read more at Yahoo Finance Company.: My father ‘deliberately and hurtfully’ cut my late sister’s two kids out of his will. How can I ensure they get their fair share?