What is the name of your state (only U.S. law)? SD
I was notified of an inheritance. . I inherited as well as my two son’s money from my grandmother and this money is in one account together. She lived in Illinois. This is where the money is currently sitting.
I do not want the money but wish to give my portion equally to my sons.
Is there a way in which I can give the money to my boys without being taxed?
Not ever having anything ever left to me I am totally unaware of what has to be done to get this done. My eldest son is 25 yrs old and my other boy is 18 yrs. I contacted the person in charged and the money is currently sitting in this account until I inform him what to do.
I was notified of an inheritance. . I inherited as well as my two son’s money from my grandmother and this money is in one account together. She lived in Illinois. This is where the money is currently sitting.
I do not want the money but wish to give my portion equally to my sons.
Is there a way in which I can give the money to my boys without being taxed?
Not ever having anything ever left to me I am totally unaware of what has to be done to get this done. My eldest son is 25 yrs old and my other boy is 18 yrs. I contacted the person in charged and the money is currently sitting in this account until I inform him what to do.