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| Wills, Trusts, Estates Wills, trusts, estates, gift tax planning, etc. |
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#1 |
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Junior Member
Last Online:
Apr 4th, 2008 05:30 PM Join Date: Apr 2008
Posts: 2
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In her will, my mother left her estate equally between me and my four siblings. One of my brothers is the sole executor.
Over a few years, my mother gave me gifts of money and also loaned me money. They were informal loans (there is no paperwork, nothing in writing). My brother has added up all the gifts and loans and says he will deduct that sum from my share of the estate. I am ok about having the loans deducted from my share, but I have protested that he can't take back my mother's gifts. The loans add up to only half the amount he intends to deduct. I know that my siblings had gifts too (not loans) but their gifts are not being deducted, only mine. The will says nothing about me repaying loans - it just says the estate is to be divided equally between us. Can my brother legally deduct what he wants from my share, without having anything in writing to say I owe any money to the estate? If not, how do I stop him? |
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#2 |
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Top Level Member
Last Online:
Jan 6th, 2009 01:06 AM Join Date: May 2007
Posts: 696
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You are right--only loans can be deducted. The gifts are yours and do not reduce your share.
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#3 |
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Junior Member
Last Online:
Apr 4th, 2008 05:30 PM Join Date: Apr 2008
Posts: 2
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Thank you for your reply. But how I do stop him deducting what he wants to? He's in charge of all the money, as the executor, so I will only get a cheque for my share less what he'd decided to deduct. What do I have to do to challenge the deductions he's said he's going to make?
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