What is the name of your state (only U.S. law)? NY
I understand that if Mom gives me > $12k per year, it goes against the $3.5 milllion lifetime exclusion and attaches to future estate inheritance amount.
Here's my question. I will be inheriting a significant amount of money from Mom's estate.. This inheritance will be split evenly with my 1 sibling. If Mom gifts me say $300k, for example, for home purchase, does that reduce the amt my sibling can inherit tax free? Ie, does it go against the total estate, or just against my share? I guess the crux of it is, if the unified credit is a concept attached to the estate and therefore, the giver, then the more I received during my lifetime as a gift, the less my Sister will be able to inherit tax free..
is that about the size of it?
I understand that if Mom gives me > $12k per year, it goes against the $3.5 milllion lifetime exclusion and attaches to future estate inheritance amount.
Here's my question. I will be inheriting a significant amount of money from Mom's estate.. This inheritance will be split evenly with my 1 sibling. If Mom gifts me say $300k, for example, for home purchase, does that reduce the amt my sibling can inherit tax free? Ie, does it go against the total estate, or just against my share? I guess the crux of it is, if the unified credit is a concept attached to the estate and therefore, the giver, then the more I received during my lifetime as a gift, the less my Sister will be able to inherit tax free..
is that about the size of it?