Legal Question in Wills and Trusts in California
Uncontested change to distribution of assets
I am the executor of my mother's will.
My father is deceased. The only heirs are my brother
and me. The will states equal distribution of estate
assets. I will forego an executor's fee.
Because I quit my job and spent the last year with
my mother, I would like to take a separate amount
prior to the 50-50 split. Alternatively, I would
like to change the split to, say 60-40. My brother
ia agreeable and will disclaim any rights. Is this
change possible without incurring any income tax
liability? Thank you.
4 Answers from Attorneys
Re: Uncontested change to distribution of assets
Your necessarily short summary raises quite a few questions which you should address in person with a probate attorney.
Re: Uncontested change to distribution of assets
I would have to know more facts to advise you better, but most likely there's a way to do it without incurring tax liability. With everyone agreeable, so much the better.
Using a disclaimer would depend on a couple of things. First, it must be made within 9 months of the date of death to avoid gift tax liability. If this time has passed, there may be other ways to do it. Second, disclaimed property passes to those people who would have received it if the disclaiming person died before your mother. In this case, that may be your brother's children, depending on what the will says. If this result isn't what you want, again there may be other ways to get the desired result.
Re: Uncontested change to distribution of assets
Depending on the size of the estate there would likely be no tax consequences. If you need help in northern California with the probate please let me know.
Re: Uncontested change to distribution of assets
Don't identify the uneven split as salary owed by your Mother to you.
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