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PARSONS06
Jul 3, 2011, 03:44 PM
I live in new Jersey. My mother has left me her condo in her will. Her will requires me to pay my brother and sister $15000 each when I sell the condo. About 6 months ago she began to show signs of early stage dementia. She sold her condo, I sold my home, and she gifted the proceeds of her condo sale to me. I then bought a larger home and mom moved in with me so that my family could look after her. About a week ago she suffered a stroke and is currently in the hospital. What are the implications of her having gifted the sale proceeds to me as far as her will is concerned? Thank you.

cdad
Jul 3, 2011, 03:55 PM
A will is not a irrevocable contract. If something doesn't exist as it is mentioned then there will have to be an accounting for it. Did you already get in writing that the money was a gift and have you paid taxes on it ?

PARSONS06
Jul 3, 2011, 04:01 PM
Yes, my mother filled out the appropriate "gift" paperwork when I went through the mortgage process. Apparently New Jersey law does not require the gift recipient to pay tax on the gift amount because the amount is under the tax threshold amount.

Fr_Chuck
Jul 3, 2011, 05:04 PM
As for as the will, there is no condo to sell, thus you can not sell it and give anyone anything.

So that part of the will is now void and things gets divided to the other parts of the will