Q: If I receive an inheritance check for my under age children will that be counted as income for tax purposes?
I currently live in Illinois and my grandma passed away in May and in her will she left 5% each to both of my kids. Both of my kids are under 18 and there is no trust set up in this instance. My Uncle is the executor and has decided to send a check to me for both kids share of the inheritance. I plan on opening them each up a savings account and depositing their shares into them and then giving them access to the money when they each turn 18. That is all the will states is that each of them are to receive the money when they turn 18. Since I am their parent I will also have my name on and be in control of these bank accounts. Everything I have read says there is no inheritance tax in Illinois and would not be subject to income taxes when I file my yearly tax return. I just want to confirm that this would be the case. The total amount of the inheritance together would be around $25,000. The checks are supposed to be mailed out at the end of November. Thank you!
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.
