my mother has close to a $100,000 its in the bank. if she die would me and my brother spite it 50 -50 i?

Question

if no will is written.... and will the goverment take what they call heritage taxs? if yes how much percetage ?

Answer 1

If no will is found voicing that your mother wished her money to be passed on to someone other than or in addition to you and your brother, then yes, you would be entitled to inhered her savings in equal amounts - 50-50, as you put it. However, a probate court would have to decide which of her unpaid taxes and debts, if any, would also be entitled to share the estate money. There would be legal fees, (court fees,) for you to pay in order to inherit your mother's money and there would be inheritance tax, too - this is different from state to state, however the federal tax in all cases is the same - I'm sorry but I don't know the percent, but in any case, the money wouldn't pass to you without costs.

I want to add, however, that by your question and from the implied enthusiasm of becoming rich in an instant, you've given the impression you're rather more interested in the possibility of getting your hands on your mother's money than you are in keeping your mother's love at hand for as long as you possible can. That's rather low of you, I'd say. I hope I'm completely incorrect about this... and if so, pardon me, but if not, I hope you'll rethink your position. I want to also add that $100,000 is not a great fortune in today’s society of millions and billions; in addition, the security and help you have in hand, with your mother alive and well, (I hope,) is much greater than you'll ever gain from her money if she dies. Please remind yourself of that on each day you still have her to love.

Good luck to you and your brother.

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Answer 2

The answer is you and brother might be the heirs of her entire estate after claims against the estate are paid and the correct answer depends on where your mother lives, whether there are other children, and whether your mother is married at the time of death. State laws will vary.

It also depends a lot on whether your mother sees your question, because I'm pretty sure she'll write a will leaving everything to charity if she finds out you are already licking your chops over the inheritance.

Your question further depends on whether your mother has a beneficiary designated on the bank account. If there's a beneficiary, the money goes to the beneficiary and doesn't pass through the estate. What if she put brother on there and left you out? Ack!!

Assuming there is something in her estate from the bank account to be distributed, there should not be a complicated and expensive probate. It doesn't work that way. In fact, in some states you can get the money and personal property by opening an informal probate that doesn't even involve a court proceeding. The Uniform Probate Code, which has been adopted by many states has a number of different ways to probate an estate depending on the size and nature of property involved.

Whatever your situation, the probate won't be complicated and expensive unless someone contests something. Probate is normally very routine, but you'll need attorney assistance and guidance.

Answer 3

I practice law in WI and here if your mom is not married to anyone and you and your brother are the only children she had, then yes you would inherit from her. In Wisconsin, the state statutes create a "will" for someone who dies "inestate" which means without a will. Inheritance without a will goes down your family tree essentially. However, this becomes complicated with divorces and remarriages.

In WI this is a general outiline of how things are paid out of the estate--you will need to pay for the funeral expenses, last illness, cost of administration, etc. first. The government taxes have priority too as well as certain other debt. Then your mom's other debt gets paid and then the money goes to the heirs.

The heirs may have to pay "inheritance" taxes depending on state and federal law. (Right now the inheritance tax for federal purposes is essentially non-existent unless you are very rich, but the law is set to expire in 2011 so the law makers need to do something b/4 then.) The amount of inheritance tax that is paid depends on many, many factors.

Just as a note, some items such as life insurance with beneficiary designations are not paid "into the estate" and go directly to that person. This money does not go to pay your mom's funeral expenses, last illness, administration, taxes, bills, etc. See a local attorney for details.

Hopes this helps a bit!

Answer 4

If no will is written, it will go to probate courts, more than likely a percentage higher than 50% would get eaten up before any of her heirs would see the money, then yes, you will get a huge taxation as well. So in the end be prepared to receive your split of around $10,000-$15,000 in the end, providing of course there are no other financial things in the background.

P.S. I read above a lot of people shaming you for wanting to know this information. Truth be told it is considered taboo, but it needs to be taken care of before your mother's untimely death. It is that kind of thought process which leads many families in to further debt over a death in the family. I would highly suggest you, your brother and your mother seek an estate attorney. It is not a bad thing to get all of these type of things wrapped up while everyone is still living, better it goes to you and your brother, and not the government.

Answer 5

If there is no will it goes into probate. Then it can take a really long time to get the money.

They have all the bills to pay with the money before you all get the money. As for the inheritance tax, you do this when tax time happens. Or rather you can. Just put most of the money in a high yield acct and this can help pay for the taxes.

Answer 6

No inheritance tax. Not enough to qualify for tax. President Bush raised the amount you pay before taxing - great guy. Yes you would have to split it 50-50. which is only fair. Check legal site on the web.

Answer 7

If she doesn't have a will, it will go through the courts and if in fact you are related to your mother you will get a share if there are no closer relatives, say a husband.

Why are you worried about mom's money?

Heritage? I think you mean inheritance. For some reason I'm starting to feel really sorry for your mom.

Answer 8

It would be more like a 1/3, 1/3, 1/3 split.
one for you, one for your brother, and one for taxes.

Answer 9

It would go through a probate court and you'd wish your mom did make a will !!

No inheritance tax on that small of an amount.

If you love your mom, tell her to have fun and go spend it on herself before she dies!!

Answer 10

is your mother about to die? why are you worrying about money that you may receive when she dies people are so hung up on money enjoy the time you have with your mother now on earth no amount of money will bring her back when shes gone