QUESTION

How can one subpoena for bank records to clarify inheritance?

Asked on Jan 02nd, 2015 on Estate Planning - Ohio
More details to this question:
My parents did not keep a proper tally of what they gave to us during the course of their lifetime and just casually mentioned that whatever each of the kids took would be subtracted from their final inheritance. Four of us kept personal tallies but one brother refuses to own up to at least $500,000 that he received as business seed money. Can we subpoena his records and if so for how far back?
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1 ANSWER

Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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Lifetime gifts which are intended to reduce the recipient's inheritance must be acknowledged in writing by the giver or the recipient at the time the gift is made. So if your parents didn't write it down or you and your siblings didn't write it down back when the gifts were first made, then those gifts don't reduce any of your inheritances. Usually, when someone gives a gift which is intended to reduce an inheritance, they contact their attorney and get it written formally as a codicil to their will. If it was written at the time of the gift, then the written acknowledgement would be the evidence of the amount of the gift - not bank statements. If your parent's wrote - "We give our son Tommie $500,000 in cash which will be considered an advancement of his inheritance" then his inheritance would be reduced by $500,000 even if the bank account shows that he was paid $300,000 or $600,000. It doesn't sound as if your parents wrote these things down, so all children would share equally in the inheritance at this point.
Answered on Jan 06th, 2015 at 12:41 AM

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