I am receiving a check for $ 200 thousand dollars for a medical malpractice settlement of my mother's death. While I know that the money is not taxable to me, I wanted 50 thousand to go to the grandchild. The estate lawyer was selfish in not doing the paperwork properly, and now all the money is coming to me. So my question is; how do I transfer 50 thousand to my daughter without having to report it and have it taxed. What reporting is necessary?
wizjp
A good accountant should be able to structure a gift or trust so that there wouldn't be a tax consequence
Michael C
You may need to do it in pieces over time. Get a good accountant.
Morgan R
Who told you this money was not taxable?
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