Legal Question in Wills and Trusts in Illinois
Can mother legally take back money she gave to me
My mother 10 months ago gave me a substantial amount of money it is in a savings account in my name and my name only she now is threatening to take it back, can she legally do so?
2 Answers from Attorneys
Re: Can mother legally take back money she gave to me
If the account is solely in your name it is a completed gift and she cannot take it back (not to mention that the bank won't honor an outsider's attempt to withdraw).
If it's a joint account she retains the right to withdraw -- and so do you.
Re: Can mother legally take back money she gave to me
I dont see how she can take it back. It appears to be a completed gift. BUT... was it made under duress by her, was she competent to make the gift at the time she made it, could she afford to make the gift given her current financial circumstances. Lastly, there could be gift and estate tax consequences if the gift was really "substantial"... that is over $11,000. Your question my be simple but the answer is not
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