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Author: philliph2 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5756  
Subject: Inheriting but not through inheritance Date: 6/19/2006 3:47 PM
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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.

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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