What is the best way to gift money to my adult son?
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What is the best way to gift money to my adult son?
Asked on July 1, 2011 under Estate Planning, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I need to ask: are you trying to do a little estate planning here? If so I would suggest that you seek help from someone in your area qualified to do so. Under the IRS rules you can give a certain amount of money to your children each year without triggering a gift tax to be paid by them. In 2010 it was meaningful gifts up to $13,000 annually (or $26,000 if you give jointly with your spouse) in cash, investments, and/or property without triggering mandatory filing of IRS Gift Tax Form 706 and possible payment of gift taxes. If this is what you mean then you can just give it to him but I would check on the amount for 2011. Good luck.
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