Question
Mom gives me $200,000 while I reside in Texas during her lifetime but gives nothing remotely similar in amount to my brother during her lifetime.
Mom gives me $200,000 while I reside in Texas during her lifetime but gives nothing remotely similar in amount to my brother during her lifetime. Mom dies a year later. Her estate is $800,000 at the time of death. Her Will says to divide things equally between the siblings. Brother raises heck about something called advancements. Should I be worried, what is he talking about, and explain what the probable result of the estate distribution and related arguments- for and against. Forget about gift tax issues.
5. My wife and I have two natural children and we adopt a third child in Texas. We have not updated our wills since the first child was born. Both my wife and I are killed, and by the way, she had a mirror will. Forgetting a moment about the ages of children, who takes (receives our bounty) if I said to my children in the will? Why? And, what is a mirror will? What if we also had a child by test tube? Is that child entitled to anything? Why? What if we had no wills? Different result? Explain. (note, some small research is required here!)
6. I get divorced from my wife in Texas and have one heck of a party that night. I get killed driving home as I go off the road in my brand-new Harley at 100 MPH but smiling the whole way. I hadnt changed beneficiary designations naming my wife as beneficiary in my will, my retirement benefits, my insurance, nor POD bank accounts. I did change the stock accounts to just my name and had named a new beneficiary. I had, even after the divorce, considerable personal property (cash, stocks, etc.) all which I had given to my (ex)wife under the existing/unchanged will. Ex-Wife smiles tremendously after a few crocodile tears. Is she going to be even happier or not? What is the probable result, and what should I have done, if anything? BE CAREFUL!!! You might want to check on a few Texas things online
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