Is Payment To Adult Child An Advance On Inheritance

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It's quite common for parents to fork money over to their adult kids. But when the parent later dies and the kids have to divide the estate, how should prior payments that a parent made to a child be counted in the estate settlement?

When a parent dies having previously made payments to a child, it must then be determined whether those payments are deemed a gift or a loan. Loans must be paid back to the estate - or in the alternative - the child who owes the loan simply receives less of an inheritance.

Make sure you document those large payments that you make to adult children appropriately as either a gift or a loan.

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Paul Rabalais
Estate Planning Attorney

Видео Is Payment To Adult Child An Advance On Inheritance канала America's Estate Planning Lawyers