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inheritance vs. child support

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P

protector

Guest
What is the name of your state? ohio I stand to inherit approx. 50-60k dollars from my fathers estate when he passes. He has only a simple will prepared. I presently owe back child support to a woman who is completely irresponsible with money. I would like to somehow protect this inheritance money from child support by possibly having this placed into a trust and distributed as college education money. How might this best be accomplished?
 


Dandy Don

Senior Member
Talk to the trust department of a local bank or to a trust attorney and they can advise you. That is a good idea to insure that your children will have money to go to college.

However, if I were you I would check with a local CPA or tax accountant to ask whether or not there is a chance that the amount of the inheritance distribution or payment might be reported on a FORM 1099 (that would come to you) or some other similar form from the estate federal income tax form. If there is some way that the state and/or federal government is notified that this money exists (simply because it is a fact that most transactions over $10,000 are reported to the IRS just as a matter of record--but it might not affect you in this situation because I think the first $650,000 of estate proceeds are exempt from taxes), then the state might find out about it and it wouldn't do any good to pay the expense of having a trust set up if the child support enforcement is just going to come along later and order you to take it out and pay child support instead.

DANDY DON
 

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