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Mom and Dad Gave Their Money Away?: a look at the mental capacity to make a gift in Florida

Uncategorized Oct 29, 2013

Do you wonder where all the money in your mom or dad’s estate went to?  Are you involved in a probate matter in Palm Beach County, Florida?  Many times, children and heirs believe that mom or dad died owning a lot more assets, or simply died much richer than the estate inventory or accounting shows.  So, heirs and children sometimes wonder :  where’s all the money?  When the heirs or children to a Florida probate begin to participate in the estate administration process in Florida, they may learn that lifetime gifts were made by mom or dad. Valid gifts made by mom or dad during their lives decrease the amount of money, or assets, subject to Florida probate administration.  The heirs get less. How do you know if a gift made by mom or dad during their life was valid?  1) they needed proper mental capacity to make the gift: did they know what they were doing?  2) you need delivery:  the transfer of the property or asset, the cashing of the check and the clearing of the funds 3) you need acceptance of the gift, but acceptance is often implied. After all, who doesn’t want money or something of value, right?   4) finally, mom or dad had to intend to make the gift.    What if mom or dad’s mental capacity or physical ailments worsened during the late stages of their life?  Did the medications affect their ability to understand what they were doing?   Were their advanced ages making them susceptible to others?   Is the gift valid or should it be brought back into the estate by the Florida executor?   Talk to your probate litigator.  If you don’t have one, email for a free one time 30 minute conference about gifts:  michelle@pankauskilawfirm.com  Advocate hard. Litigate smart.