Is it possible to get my inheritance to pay for my brothers medical bills? 4 Answers as of July 26, 2011My brother needs to go to a drug rehabilitation treatment center and the cost will be around $30,000. I don't know if my parents can handle the funds to help him and I want to offer up my inheritance to help them with the cost. Is it possible to get to my inheritance with their permission?
Apple Law Firm PLLC | David Goldman
If they will give it to you early, they are free to make a gift. They will need to file a gift tax return to the extent that the gift is over 13000 from each in a single year. On the other hand, you parents can pay for the bills directly and there is an unlimited amount they can give for medical as long as it is paid directly for a descendant (their child)
Answer Applies to: Florida
Law Office of Richard B. Kell | Richard B. Kell
That is an extremely admirable act of kindness, and I sincerely hope that your brother will at least one day know how lucky he is to have such a caring sibling. Who is currently holding your inheritance funds? Are they in some type of Trust, or is the person who has you in their Will still living? In that case, you could always make a request, but unless you are already legally entitled to a distribution of the funds, it sounds like the decision will be up to someone else. In any event, I wish you and your brother the best of luck!
Answer Applies to: Massachusetts
The Schreiber Law Firm | Jeffrey D. Schreiber
If you mean an inheritance from your parents, you have no inheritance until they die and give it to you in a will or trust. If it is money that they have set aside for you for you to receive after their death, all you have to do is tell them to use it for your brother instead, which they could do in any event since it is still their money.
Answer Applies to: California