Q: I inherited 28,000 from my elder aunt's estate. Check is made out to me. May I have it made out to my son instread?
A:
No. The money has to be paid out to the person who is entitled to it under Michigan law, or under the will. If you don't accept the money, then it passes to the next person who would be entitled to it.
But as an alternative, you could accept the check, cash it, and then gift the funds to your son. For gift tax planning, you could consider splitting the gift to your son into two payments: $15,000 this year and the rest next year. That way you could take advantage of the IRS $15,000 annual exemption amount. There are other ways to structure the gift so you could give your son the entire amount this year, but those are beyond the scope of this answer. Whether and how to do these things are really questions you should discuss with an attorney.
As always, be sure to talk to a qualified attorney about your specific situation before choosing to rely on any information you get from internet discussion boards, such as this one.
Kenneth V Zichi agrees with this answer
A:
Mr Harris' answer is spot-on.
And remember, 'inheritances' (other than distributions from tax deferred IRA/401ks) are not taxable as income -- IF you handle them properly!
Seek that local legal help to insure you do things properly!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
