Ask Terry Questions Accepting Inheritance from Mother before death

Accepting Inheritance from Mother before death

By Terry Savage on April 06, 2024 | Wild Card

My 96 yr old Mother wants to give me my inheritance of $10,000 not to get new siding and gutters which I need. I was going to take out a Heloc loan but I don’t feel financially stable to do that. Am I counting my chickens before they are hatched taking my Mother’s money now. I have a bad feeling about taking her money now and Heloc loan. I appreciate your expert opinion.

Terry Says

Wow — your mom is 96! That’s wonderful. Are you thinking she might need that money for in-home care or for funeral expenses, or just to buy food and shelter? If so, your instincts are correct not to take that money from her. (And unless you’re an only child, it could cause complications from your siblings.)
But this would not be a pre-inheritance; it would be a gift, which is totally tax-free just as an inheritance.
Trust your “good daughter”instincts.



a personal
finance question