Legal Question in Wills and Trusts in North Carolina

my father just died he was staying with me he had given me 20000 dollars and wanted me to put it in my name which i did. My question is now that hes dead does the 20000 dollars that in my name only, have to become part of the estate or is it mine.


Asked on 5/18/11, 10:42 am

1 Answer from Attorneys

Generally, if your father really gave you the money before his death and you put your name on the account before his death, then its yours. However, you don't provide me with dates, so I don't know what occurred and when it occurred. If your father died before you could put your name on the funds, it may be problematic. While there is no title to money, the personal representative of your father's estate might ask about it. How did your father "give" it to you? By check or money order? In cash?

While he can give up to $13,000 free of gift tax, $7000 will be subject to gift, but there is a lifetime exemption for gifts of up to $1 million and I don't know whether your father exceeded this amount by making other gifts throughout his life or whether the funds would be exempt. Gift taxes, if they are owed, would be paid by your father's estate.

Who is personal representative of the estate? If it is not you, I would speak with him about this matter so that the gift can be reported accurately. If it is you, then I would hire an attorney for the estate and discuss it with the estate attorney along with other estate matters.

Read more
Answered on 5/18/11, 11:03 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in North Carolina