Re: Executor gift giving from proceeds?

"MyKul" wrote:

I am the executor for my fathers will, who passed away last month. My
mother inherits everything but is an Alzheimer patient and I'm her
guardian also. The mutual estate is between 1 and 2 MM $'s. Most in a
trust and some not.

My condolences on the loss of your father. It sounds like your duties as an
executor (marshall the assets, pay the bills, distribute the estate
according to the will) are pretty much done.

You don't say whether you are the trustee of the trust, but if you are your
actions will be governed by the trust instrument.

I don't know what you mean by "guardian" regarding your mother. That's a
term usually used in connection with minor children. What exactly is your
legal capacity regarding her affairs?

Her cash flow is positive after all expenses. Her
problem is finding ways to spend it.

Why is that a problem?

I know she can make $12K gifts to
all her children each yr.

Not if she's been declared incompetent and you are her conservator, in which
case she can't make any gifts. If she's not legally incompetent she can do
anything she wants with her money.

Can my father make a $12K gift to each child
this yr also? What if the gift was made post death from his estate?

Sorry, but I can't think of any other way to put it. Your father is dead.
His last chance to make gifts was his will.

You need to talk to a lawyer to sort out exactly what your responsibilities
and allowable acts are.

--
Phil Marti
Clarksburg, MD


.

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