My mother died a while ago. Before her death, she made gifts of different sizes to me and several siblings. It was the understanding of all concerned (her and us) that we were all entitled to the same share of money, but the money was gifted as and when we each needed it, so some got more on buying property, when needed for a business etc. Others took relatively little before death, as it wasn't needed for anything in particular.
She then died. According to the will, the estate is to be divided equally among all siblings. However, we unanimously agree (as do the executors) that my parent's intention was always that everyone would ultimately get the same amount.
Would it be possible for the siblings who got more before death to "disclaim their interest" in a portion of their inheritance, so it could be given to those who got less, evening up the overall pre- and post-death totals? This would save us from gifting it to each other with the consequent gift tax implications.
Would really appreciate help on this. Thanks.
She then died. According to the will, the estate is to be divided equally among all siblings. However, we unanimously agree (as do the executors) that my parent's intention was always that everyone would ultimately get the same amount.
Would it be possible for the siblings who got more before death to "disclaim their interest" in a portion of their inheritance, so it could be given to those who got less, evening up the overall pre- and post-death totals? This would save us from gifting it to each other with the consequent gift tax implications.
Would really appreciate help on this. Thanks.