If I’m about to get an investment payoff, what is the best way to give my sister and her husband some money?

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If I’m about to get an investment payoff, what is the best way to give my sister and her husband some money?

After taxes are paid I want to give my sister and husband some money. I am told that I cannot gift it to them because it’s a 6 figure income. Would it be better to set up a Trust and pay them monthly out of it?

Asked on July 12, 2015 under Estate Planning, North Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

You are a generous person and your sister is lucky to have you.  You should speak with an estate planner as to what is the best avenue for you to proceed.  A Trust would definitely be one way of disburing income to them.  Good luck.


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