AboutDavid M Iannopollo Expertise I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances.
Experience I have over 20 years experience in the business and financial world.
Question Hi,
My mother has a lot of money and she is starting to think of giving some to her chidlren. How much can she gift to her children per year without tax consequences to giver or recipient? Is it better to keep it all in the estate to divide when she dies or to start spreading it out now.
Answer Hi Don,
Your mother can make an annual gift of up to $13k to each individual without any tax consequences. Ultimately it would be better to pass along the funds tax free and to avoid probate using life insurance if she is healthy enough. This would also allow her to pass on more than she put into the policy. If she is not healthy enough to get insurance there are other methods but I don't have enough information to know which is the most viable.
If you would like to discuss this in more detail, you can email me at the address below. Best of luck!
