Message Font: Serif | Sans-Serif
No. of Recommendations: 1
<<My grandfather is 91 years old. He wants to give me an annuity that is currently worth $110,000. What would be the best way to proceed without tax or minimum tax penalty.>>

See a qualified estate planning tax pro. It may or may not be the best way to proceed. It's quite possible that it would be best for grandpa to cash out the annuity, pay the taxes at his (assumed) lower tax level, and gift you the cash.

There are also a number of different ways to skin this same cat. And you really need the help of a qualified professional to review all of the options to light the was for the "best" transfer. This really isn't a "do it yourself" type of situation.

You can read more about gift, inheritance and estate issues in the Taxes FAQ area.

TMF Taxes

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.