Legal Question in Wills and Trusts in Illinois

There is more information that is necessary to give you a complete answer, but the amount that one individual can give to another without a taxable gift being made is $13,000 in 2011. You should contact an experienced attorney to discuss your options though.

If you are interested in discussing or have further questions, feel free to contact me at your convenience.

Manish C. Bhatia

(773) 991-8423

[email protected]

There is no limit on how much cash or other property you can give a child. However, there is a limit on the amount of any gift which may transferred to another person, irrespective of whether that person is your child, before triggering a gift tax. Right now you can transfer up to $5 million before a gift tax has to be paid, but any gift over $13,000 has to be reported. If the donee recipient of your gift is a minor, you are well advised to consult an attorney regarding how to make the gift. You can call me at 773-262-1712 if you have any questions