U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-08-2011, 02:03 PM
 
Location: Where the sun likes to shine!!
20,517 posts, read 26,396,995 times
Reputation: 88542

Advertisements

Quote:
Originally Posted by yellowsnow View Post
Well, when the parents died, each of the older 5 kids got 50K. Not bad at all! But child number 6 got the farm/business that was then worth over 5 million dollars. The older 5 kids asked him to share and he more or less told them to stuff it. The inheritance completely broke up the family and to this day most of them don't even speak to each other over this mess.

Just something to think about!

That is sad. I wouldn't do that unless the other 5 kids disowned me.
Reply With Quote Quick reply to this message

 
Old 08-08-2011, 02:04 PM
 
Location: earth?
7,288 posts, read 10,868,103 times
Reputation: 8956
Quote:
Originally Posted by Themanwithnoname View Post
Once you give it to them... it's THEIR money.

My Parents are giving 90% of the $ they leave behind to one of my sisters.
(5% to me, and 5% to the other)

What they are doing is forming a trust, and the money goes into that.
(Recently did it)

I am the executor (of the 90%) for my sister who isn't that 'on top of' $.
(She has a job, car etc... just doesn't have self control)

It's specifically for Education, Medical, housing etc.

This provides a LEGAL way for my parents to determine how THEIR money should be spent.


It doesn't bother me... Heck, I Suggested it. (Just not the part about me being the executor)
Actually, in your situation, you're controlling things way more than I would just making a videotape . . .

I am assuming your sister who is inheriting 90% is younger or has special needs which your parents are trying to provide for . . .
Reply With Quote Quick reply to this message
 
Old 08-08-2011, 05:06 PM
 
Location: Midwest transplant
2,013 posts, read 5,000,146 times
Reputation: 1570
If at all possible, you might want to give some of it away while you are still living, and that way you CAN suggest that it be used for home improvements, 529 Education funds or if your children have children you can set up trust funds for them (even if it's a percent of your estate divided equally among living grandchildren and not letting them have access until a certain age).

My DH and I are in the process of moving our assets into a trust~with stipulation of how much and when the beneficiaries have access to the money. The remainder is going to named charities. We don't have any biological children. If there isn't any money left~oh well.
Reply With Quote Quick reply to this message
 
Old 08-08-2011, 05:23 PM
 
5,621 posts, read 8,560,724 times
Reputation: 7710
Quote:
Originally Posted by imcurious View Post
Actually, in your situation, you're controlling things way more than I would just making a videotape . . .

I am assuming your sister who is inheriting 90% is younger or has special needs which your parents are trying to provide for . . .

How am I controlling things?

My sister is younger, but is an adult. They just perceive her as less capable/successful. (I am very good with money/debt etc)
Reply With Quote Quick reply to this message
 
Old 08-08-2011, 05:29 PM
 
Location: earth?
7,288 posts, read 10,868,103 times
Reputation: 8956
Quote:
Originally Posted by Themanwithnoname View Post
How am I controlling things?

My sister is younger, but is an adult. They just perceive her as less capable/successful. (I am very good with money/debt etc)
My comment was made in response to you saying once they inherit it is THEIR MONEY - and then you went on to say you are Executor for your sister's portion . . . so the point was if it is their money, why would your sister need an executor . . . sorry I was not more clear . . .
Reply With Quote Quick reply to this message
 
Old 08-08-2011, 07:44 PM
 
5,621 posts, read 8,560,724 times
Reputation: 7710
Quote:
Originally Posted by imcurious View Post
My comment was made in response to you saying once they inherit it is THEIR MONEY - and then you went on to say you are Executor for your sister's portion . . . so the point was if it is their money, why would your sister need an executor . . . sorry I was not more clear . . .

Sorry I wasn't more clear.


My first statement was that once they get it... it's theirs.

I went on to say a way that you can see that your wishes are carried out after the grave. (And offered up what my parents are doing as an example)

You could put money into an education trust or fund, earmark it to be received after a certain age (With the hope that a 40 year old wouldn't blow it like a 21 year old would)

Specify it as Retirement funds etc.
Reply With Quote Quick reply to this message
 
Old 08-08-2011, 08:58 PM
 
Location: earth?
7,288 posts, read 10,868,103 times
Reputation: 8956
Oh, interesting. I had not thought of that. Thank you for clarifying!
Reply With Quote Quick reply to this message
 
Old 08-08-2011, 10:47 PM
 
4,135 posts, read 9,428,192 times
Reputation: 2687
Simple way to do this: give your entire estate to the spouse. After the spouse is passed on, their estate gives "share and share alike" to the kids. My parents did this and we are doing the same .
Reply With Quote Quick reply to this message
 
Old 08-09-2011, 02:55 AM
 
12,735 posts, read 14,101,964 times
Reputation: 34891
Quote:
Originally Posted by imcurious View Post
I have been struggling with this question for a long time . . . In leaving one's assets to children/grandchildren, do you consider their behavior or do you just split evenly? . . .

Thoughts?
My assets are just that mine, and I have bequeathed them as I see fit, and I don't give a da*mn whose nose may get out of joint.

I have already changed my will twice, each time excluding individuals who have made enough money to be secure. They have no need of a bequest from me.

I would never leave a bequest to any people I felt behaved badly or were irresponsible. Funding some lout simply because she or he share my genes is worse than throwing money into the toilet. And it's not just stupid, it's anti-social.

Half of my assets will go to a local group that struggles to take care of severely disabled children, and is now try to collect enough funds to build a residence for severely disabled adults whose parents die or are too infirm to care for them.

These people will never be capable of providing for themselves, whereas all of my family are able bodied.
Reply With Quote Quick reply to this message
 
Old 08-09-2011, 02:57 AM
 
12,735 posts, read 14,101,964 times
Reputation: 34891
Quote:
Originally Posted by Themanwithnoname View Post
Sorry I wasn't more clear.


My first statement was that once they get it... it's theirs.

I went on to say a way that you can see that your wishes are carried out after the grave. (And offered up what my parents are doing as an example)

You could put money into an education trust or fund, earmark it to be received after a certain age (With the hope that a 40 year old wouldn't blow it like a 21 year old would)

Specify it as Retirement funds etc.
Great ideas.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top