Gifting portion of inheritance to siblings
I'm inheriting about $300k from my grandmother. I have 2 siblings whom she specifically left out of her will. I don't believe this was fair and have decided to split the inheritance 3 ways between us. So all said and done I will get $300k and plan to gift $100k to sibling A and $100k to Sibling B.
I do not want this to count against my lifetime gift exemption nor do I want to report this, so I plan to do this in segments. I am married, as are my 2 siblings. My plan is this:
- I write check for $19k to Sibling A
- My wife writes check for $19k to Sibling A
- I write check for $19k to Sibling A's spouse
- My wife writes check for $19k to Sibling A's spouse
On each check I plan to make it clear who the giver and receiver is by writing in the memo line "Gift from [my name] to Sibling A", etc. I will do the exact same thing for Sibling B. This gets me to $76k gifted to each of them. On January 1st next year I do the same procedure up to the remaining $24k.
Is this a sound plan? Does anyone see any issues or other considerations that I need to be aware of? Thank you in advance for any input.