How to Refuse an Inheritance
This column first appeared in the SA Express-News and its MySA website on June 23, 2015. If you simply accept ownership of the inheritance, you could turn around and gift it to your children. Your accountant is correct, however, that a gift might cause tax issues. If the amount you transfer to each of your children exceeds $14,000 (in any single calendar year) then you must file a gift tax return. You can tell the IRS that you want to apply part of your lifetime gift tax exem