"Generally, each individual is allowed to give another individual $12,000 per year without any estate or tax consequences. If a mother and father were both to give a child a gift, both could give $12,000 for a total of $24,000 without any estate or tax consequences."

How 'bout that, Mom and Dad?

But seriously, I hope this helps answer your questions, Liz. It may not be as definitive as you hoped, but it should at least point you in the right direction. I suggest that you contact a CPA you know and trust and provide all of your pertinent information in order to get the best guidance going forward.

And that leads me to a reminder for everyone who sends me financial questions. I try to get the best answers I can, but the professionals I contact are always working with less information than they would like. I highly recommend that you talk to a financial professional face-to-face before making decisions about your money.

It's serious business, after all. And especially these days, every penny counts!

If you have a question, send it to gkratz@desnews.com or to the Deseret News, P.O. Box 1257, Salt Lake City, UT 84110.

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E-mail: gkratz@desnews.com