Looks like I'm in need of some financial advice. To make a long story short our son was in a motorcycle wreck and left us last Thursday. He had been married 3 weeks and had a baby on the way, due any time now. He had made me the beneficiary of his military life insurance and hadn't changed it to his wife, who's also in the Az Nat. Guard. We want her to get the money, but the IRS will look at it as a gift, hence up to 50% tax. It is a substantial amount. I set up a joint acct in Az with her and I on it and the first check made it there today, but we've talked to several financial folks and have got several different answers. We were told we could give her up to $14K each, my wife & I, for $28K per year.
Any ideas? And thanks, this is a rough time and this dilemma isn't helping.
