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MY DAD REMARRIED LATE IN LIFE AND MY SISTER AND I WERE CUT OUT OF THE NEW WIFE'S WILLS AFTER MY FATHER DIED.
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Originally Posted by jet757f
Similar situation my father remarried too late in life and sister and I got sold short.
Happened in my husband's family, too.
Grandpa's children got zero & his second wife's children from her first marriage got everything from both her first & second husband (after a very, very brief second marriage when they were in their late 70s/early 80s).
I find it so puzzling why people often wait sooo late in life to set up trusts to protect their children's inheritance and then it doesn't happen. The widowed husband so frequently remarries a younger woman who outlives him and walks off with everything. It really is legal theft IMO.
I find it so puzzling why people often wait sooo late in life to set up trusts to protect their children's inheritance and then it doesn't happen. The widowed husband so frequently remarries a younger woman who outlives him and walks off with everything. It really is legal theft IMO.
If the trust is set up properly, this won't happen.
If the trust is set up properly, this won't happen.
What I meant is they wait so long and then just never set the trust up. Sorry I wasn't clearer. I'm definitely in favor of trusts. Wills alone don't cut it.
Another option is to make gifts to the (adult) children while the parents are still living. It's a way to fulfill the intent that they should "take" from the estate, but it's done ahead of time. It eliminates the drama of the older/unwell parent worrying if the surviving spouse will "do right by the children" because he's already delivered his bequest. Of course this only works if there is an estate substantial enough to bear both the gifts to the children and enough to support the surviving spouse. For very large estates the trust makes sense. But the cost of setting it up can negate its value with modest estates.
I find it so puzzling why people often wait sooo late in life to set up trusts to protect their children's inheritance and then it doesn't happen. The widowed husband so frequently remarries a younger woman who outlives him and walks off with everything. It really is legal theft IMO.
Harpaint - it's not your money. If dad wants to give it all to the hot young wife, then he will. And I, for one, believe she's earned every penny of it. Again, it's not your money.
Harpaint - it's not your money. If dad wants to give it all to the hot young wife, then he will. And I, for one, believe she's earned every penny of it. Again, it's not your money.
If I'm the one who dies first, my portion is in a trust for my kids. It IS my money. I'm lucky though, because my husband isn't an idiot to be taken advantage of either.
I find it so puzzling why people often wait sooo late in life to set up trusts to protect their children's inheritance and then it doesn't happen. The widowed husband so frequently remarries a younger woman who outlives him and walks off with everything. It really is legal theft IMO.
because the only trust that is effective is an irrevocable trust.
what that does is pull the carpet out from underneath the surviving spouse.
your lifestyle together , home, location ,etc is usually based on both assets.
well dropping those assets in a irrevocable trust takes them away from the surviving spouse.
they become limited to just 5% of the principal and just the gains each year.
not something most folks want done to their spouse .
i know i couldn't do that to my wife just so i could give it to my kids instead.
so we use small life insurance policies up front so only our children get our own policy and the rest will be based on on the fact we gave our word to each other to do the right thing for each others children and to eventually set up a trust for the kids if you do remarry after the fact..
don't forget if you die and your spouse remarry's and dies their kids are just as at risk of getting zero as your kids.
it has to be mandatory that you both understand that to protect our kids if either remarry those assets must go in a trust .
Last edited by mathjak107; 04-16-2015 at 01:55 AM..
Another option is to make gifts to the (adult) children while the parents are still living. It's a way to fulfill the intent that they should "take" from the estate, but it's done ahead of time. It eliminates the drama of the older/unwell parent worrying if the surviving spouse will "do right by the children" because he's already delivered his bequest. Of course this only works if there is an estate substantial enough to bear both the gifts to the children and enough to support the surviving spouse. For very large estates the trust makes sense. But the cost of setting it up can negate its value with modest estates.
gifting is hard to do , at least on any meaningful scale . until well down the retirement road no one knows how much money their retirement will consume.
sure , if you are wealthy you can do it but up front most of us can't do much because of the unknown.
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If the trust is set up properly, this won't happen.
Again, it's not your money.
