Now what???

[ninniejo44]

What is the name of your state (only U.S. law)? Southold, NY

My grandfather died 13 years ago. Recently, I found his will. The very first paragraph lists my grandmother as executor of the will. The second paragraph says, "Upon my detah I leave the sum of $10000 to each of my grandchildren."
That money has never been seen by any of us.
I recently asked the lawyer that did his will. He asked "Your grandmother never gave you that monay?" I said no, and he changed the subject.
I have been told, that he should have set that money aside in trust for us, I have been told that was her responsibility. What happens now that grandma's money is all gone?

Also, she is selling the house to kin. At the time of mortgage, one check from the bank goes to pay off monays from a reverse moatgage, one check goes to my father for $120000 and another check to her seperatly. The maney sto my father is his inheritance from the estate, being settled now. HOW MUCH state income tax does my father have to pay on that money? It wouldnat really be considered an inheritance, because shes not passed, but she wants him to have it.

Im confused, and tired of getting the run around from them NY lawyers on the island.

 

[anteater]

I recently asked the lawyer that did his will. He asked "Your grandmother never gave you that monay?" I said no, and he changed the subject.

Smart lawyer.

I have been told, that he should have set that money aside in trust for us, I have been told that was her responsibility. What happens now that grandma's money is all gone?

If granfather's will was probated, you can check at the Surrogate Court in the county in which he resided. the probate case file is public record.

If the money is gone, then it's gone. Besides, what are you going to do? Drag grandma into court?

The maney sto my father is his inheritance from the estate, being settled now. HOW MUCH state income tax does my father have to pay on that money? It wouldnat really be considered an inheritance, because shes not passed, but she wants him to have it.

I assume that you are using the term "estate" loosely here.(?) You aren't referring to your grandfather's probate estate, are you?

In the absence of any other facts, I would interpret this as your grandmother making a gift to your father. Gifts are not considered income. But, for that amount of money, grandma would need to file a gift tax return with the IRS.

 

[Dandy Don]

Right now, you have no way of knowing whether what you found is the original will or just a copy of the will. Your first step, however, will be to check at the county courthouse probate court to see if any will was filed or if any type of probate proceeding was ever done for his estate. If there is record of an estate, look at the entire probate file to see how the estate was handled and what the assets were.

At some point you or your attorney is going to have to ask grandmother why the will wasn't probated--she could have a good reason for not probating it, or she may have deliberately withheld the will. Maybe there weren't enough assets in the estate to pay the $10,000 to each grandchild, but it is more likely that she decided not to file the will so she could keep all the money for herself since she didn't have the support of a spouse anymore.

It's odd to see how you can say that she doesn't have any money anymore when she stands to benefit from the sale of her home.

You will need to ask your attorney if the grandchildren or your father can open up probate so that a judge can ask your grandmother to produce the will for probate court to get it probated now so that the grandchildren can receive their bequests.

DANDY DON IN OKLAHOMA ([email protected])

 

[ninniejo44]

At the time of grandpa's death, there was a million dollars in their account. Grandma said that she doesnt remember the request in the will, besides, she needed themoney anyways. I checked as well, the will I found is the original will. I say she has no more money-as in cash.

I have already spoken to her abut the gift to my father, and she agrees to avoid paying taxes.

 

[anteater]

At the time of grandpa's death, there was a million dollars in their account. Grandma said that she doesnt remember the request in the will, besides, she needed themoney anyways. I checked as well, the will I found is the original will.

The operative word is "their." It could have been that your grandparents' assets were held jointly (with right of survivorship) and there were no (or very few) assets that required probate under the terms of the will. If there are no assets that need to be distributed under terms of the will, then the will's provisions simply don't mean anything.

I say she has no more money-as in cash.

Wow, a million in liquid assets, a house with a reverse mortgage.... She wasn't kidding when she said that she needed the money.

I have already spoken to her abut the gift to my father, and she agrees to avoid paying taxes.

The requirement to file a gift tax return does not necessarily mean that gift taxes are due. There is an gift tax exclusion for the first $1 million of reportable gifts that a person makes during their lifetime.

 

[ninniejo44]

It really is a sad situation. They never financed a thing in their life. Had no due bills, and the liquid assets in the account, were not including the million or so she made after his death selling the farm land.

My father has a sister who immediatly moved across country at the time of his death, and mooched and gold dug grandma blind for the last 13 years.

This is why she gets no gift!!!

Such a shame that it has to come down to this. Thanks for the info guys. It helps alot