Legal Question in Insurance Law in Illinois

Inheriting from deceased relative
My wife is mentioned in a final will an amount of cash from her brother that was rceived via asbestos suit, he died from the cancer from asbestos, he had a partner in life and instructed him to deliver to her out of the remaining proceed an amount in the range of 50000.00.
Can the partner simply turn that amount over or since he was also a signer on the account, does this fall to gift tax?
My wife also has a power of attorny for her brother, will that simplify or complicate the matter. What about a savings account that the partner was not a signer to?

Asked on 12/29/06, 12:53 pm

Matt Belcher Belcher Law Office

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Re: Inheriting from deceased relative

You have asked so many interwoven questions in so many areas of the law that it is impossible to fully answer your question.

I would suggest that you discuss this matter with a Probate Attorney with Tax experience.

Good luck,

Matt Belcher

Answered on 12/31/06, 2:52 pm

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