The implications of giving away money or an inheritance depends on the amount of money and the state in which you live.
What is tax?
If money less than or equal to $14,000 is given as tax, this would be tax-free each year because of the gift tax exemption. But if the money is above $14,000 in a single year, the gift would be taxed.
Most states do not have tax on inheritance but some have inheritance tax which is assessed on assets as they are being transferred to inheritors.
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