Broker Check

Gifting Money | Part 3 (Distribution of Estate Assets)

November 08, 2017

Q: My mother has a large estate well over $10 million. What’s something simple we can do to start getting her assets distributed while she’s alive?

A: There are several investment options that I could suggest, but it all depends on individual situations and details (for that call our office and schedule an appointment with me). But a simple thing that she could do is gift everyone–you and your siblings; spouses; grandchildren and their spouses; etc.–each for $14,000 per year. Also, she can gift money to anyone, it doesn’t have to be a relative. So if a neighbor has been good to her and she has a desire to give them some money, she can. That would move quite a bit of money out of her estate every year. Remember estate planning is very complicated and has many moving parts so be sure to talk to your adviser or give me a call so I can help with your specific details.