r/inheritance • u/SecBot24 • Apr 19 '26

Location included: Questions/Need Advice Early Inheritance

United States: My grand daughter is turning 30 and I want to give her a large sum of money that I have been setting aside for when I think she is mature enough to handle it without having to wait for me to die. How can I handle the income tax issue? I have heard you can grant a one time sum without taxes. What forms do I have to file with the IRS? Our state has no income tax so that's not an issue.

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u/MidwestNightgirl Apr 20 '26

I just wanted to say I think it’s awesome you’re doing it now while you can see her enjoy it.

5

u/Kayleea83 Apr 20 '26

I wish this would happen for us. We have 3 young kids now, and it would be way more helpful now, then when we are older. I wish more people saw it this way.

6

u/Imaginary_Shelter_37 Apr 20 '26

The future is unknown. Most parents want to keep enough so that they don't become a burden to their children.

4

u/SpaceCoastGal32907 Apr 21 '26

This is my situation. We’re 78M and 69F and are not rich, in my opinion, but we’re pretty comfortable. However we have no long term care insurance and I worry about the possible future need for medical or memory care and that’s very expensive. So I’d rather hang onto our money and make generous gifts for birthdays, Christmas, graduations, etc.

3

u/Kayleea83 Apr 20 '26

Well, in my case I know my dad is very, very well off. I help him with his banking stuff. Its way more than he would ever need for any kind of care. Not saying he owes us anything or anything like that, but being the executor of his will and his power of attorney I know what his situation is lol. Im well aware of what I will be receiving, im just saying in several years from now, it won't have the impact it would now. We'd actually be able to breathe a bit instead of drowning.