My 82 yr old mom just took me out of her will (about $500K at this time). Not as a punishment, but my sister who lives close by has been her sole caregiver and my sister (no kids, no mortgage, no savings, poor job) has had a tough life. I am doing reasonably well (2 kids, mortgage, some savings, good job) and I live across the country. So my mom decided to cut me out because I am doing all right and my sister isn't and my sister is helping out so much. Anyway, I found out after the fact that I am out. I was not happy with the decision and complained to my sister. She would end up with more money/assets as a single person than I have with a family, college educations and a job that could end up in China any day. My sister and I talked and she said not to worry, that she would take care of me and send me my share anyway. I believe her and we don't want to upset and maybe argue with our mom about changing it back again.Questions:There would be no inheritance taxes for my sister, but can my sister just give me $250K?Will, I have to report this income and be taxed?Thanks for any help, Phil
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