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?
Tim D
Open a seperate bank account for yourself, transer 50 thousand to it, and sign up your grandchild as an authorised or joint user of that account. It would still be your account and your money, but your grandchild would have access to it.
Orignal From: How can I transfer the money without penalty.?
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