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estate plan: giving away money

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N

neilwilson

Guest
What is the name of your state? What is the name of your state? NJ
I am not a US citizen.
1.Can i gift away upto $1M this year(2002)+11K/ per person , without paying any (fed, state, inhertance tax or any other type of tax) estate tax, to my adult children?
One of them is a US citizen and is been accepted to a professional school. Does he need to put that money($400K) into any trust or separate account- so he is not liable for any taxes. Further, any special accounts- trusts, he can put it in or i can gift it in so that the scholarship that is going to recieve is not taken away from him?

My other adult daughter is also planning to go into gradaute school in Yr 2003, and I am planning to give here also $400k as a gift.
she is not a US citizen but green card holder.
2. Can i give the money to here directly or does it have to put into a special trust till she become a Us citizen?
She will also get a scholarship and i do not want this gift to prevent her from getting any scholarship. Next, she also has a disabilty, but does not collect any disabilty insurance money, because she is not disable to that extend -an independent preson.
3 However, if in the future, if is not able to take care of herself, can her personal savings , when she has them, and my gift- all of it, to her can that be gradually added into a trust account that will not take away here benifits such as Medicade or other state programs?


please help
we are very very greatful for your time..........
 



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