Legal Question in Wills and Trusts in Ohio
If a ninety year old person wishes to give a gift of cash ($5000) to each of 5 grandchildren, does he have to file a gift in lieu of inheritance tax form? If yes, what is the form?
Asked on 11/28/10, 3:59 pm
1 Answer from Attorneys
Simon Johnson
Law Offices of Simon W. Johnson
A person can gift $13,000 per person to as many people as he wants. If the person files joint returns as a married couple, than that person can gift $26,000 per person to as many people as he wants.
He doesn't have to file a gift tax return although it can be prudent to do so.
If you want to discuss further at no cost to you, feel free to contact me.
Best regards,
Simon W. Johnson
www.swjlawoffice.com
(440) 477-6075
Answered on 12/03/10, 4:31 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
