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Dividing Up Your Estate: Does it Ever Make Sense to Split it Unequally?
Townhall.com ^
| June 23, 2010
| Carrie Schwab Pomerantz
Posted on 06/23/2010 9:24:56 AM PDT by Kaslin
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To: DallasDeb
I think a nice gesture would to quietly give the teacher son some money NOW..up to $11,000 can be given to each child tax free.. and can be given every year until you pass on....
that would help with his mortage and other bills now when he needs it....then split the money when you die.
21
posted on
06/23/2010 9:54:07 AM PDT
by
cherry
To: super7man
It is their money and they can do with it what they want, but when your kid asks why Grandma doesn't buy them a car, its hard to explain that they are better off earning the money to buy their own car. Which is what we expect them to do. You have the wisdom of Solomon. You have some very lucky kids.
22
posted on
06/23/2010 9:54:09 AM PDT
by
Retired COB
(Still mad about Campaign Finance Reform)
To: Kaslin
My Father in Law used his Will as get-even time.
My wife was left with little, and my BIW got 2 houses, contents, and made sure his kids got three beach cottages.
My wife has had mental issues since.
Go with even is my advise.
23
posted on
06/23/2010 9:55:58 AM PDT
by
Colvin
(Proud Owner '66 Binder PU, '66 Binder Travelall,)
To: Kaslin
My Father in Law used his Will as get-even time.
My wife was left with little, and my BIW got 2 houses, contents, and made sure his kids got three beach cottages.
My wife has had mental issues since.
Go with even is my advise.
24
posted on
06/23/2010 9:56:09 AM PDT
by
Colvin
(Proud Owner '66 Binder PU, '66 Binder Travelall,)
To: Kaslin
My Father in Law used his Will as get-even time.
My wife was left with little, and my BIW got 2 houses, contents, and made sure his kids got three beach cottages.
My wife has had mental issues since.
Go with even is my advise.
25
posted on
06/23/2010 9:56:14 AM PDT
by
Colvin
(Proud Owner '66 Binder PU, '66 Binder Travelall,)
To: northwinds
My Dad's grandfather owned a great deal of property in Minnesota and his will left almost all of it to my dad, his only grandson. The grandfather retired to Florida, remarried and died 3 years later. The wife contested the will and a Florida judge ruled that it was not valid in Fl, so she and her 3 daughters got everything. The land has since been developed into a golf course, a development on the golf course, another development out of town, and all the lake shore property has been sold.
Ouch.
26
posted on
06/23/2010 9:56:42 AM PDT
by
Spudx7
To: Kaslin
It always burns me that there's this assumption in society that children are somehow entitled to get something from their parents when the parents die. We see this in those who think it's ok to skirt around the medicare/medicaid rules to put the parent on state assistance so the kids “get their inheritance.” Everybody’s got their hand out. My parents have a trust which includes properties in several states and I assume an amount of cash. I told them years ago that it's THEIR money and their stuff, they should do what they want with it, leave it to whomever they want, divide it up how they see fit. My BIL and I tied into it over the care of his mom, because he came right out and said we needed to ration her end of life care so there was "as much left over at the end as possible.” Guess who felt entitled to her money? My attitude was that if she spent her last dime the day she drew her last breath, that was a win, because we wouldn't have to resort to a government-run facility, and she would get great quality care during her last years. We won that one. I've got a coworker who is pissed at her now-departed FIL because (gasp) he left more money to HER children than he did to her. And bless her heart, she'd been counting on that money from him to take some vacation or other. So she begrudges the gift given her own children. Unbelieveable the greed and sense of entitlement.
OK, I'll crawl down off my soapbox and go on about my business.
27
posted on
06/23/2010 9:58:17 AM PDT
by
Hoffer Rand
(There ARE two Americas: "God's children" and the tax payers)
To: Kaslin
Give the one who voted for Obama less (redistribution), give the conservative one more! If they both voted for Obama, give the money to your church. If they are both conservative, treat them equally (that’s what they would want).
To: Kaslin
If people want to leave some of their estates for their family, they should consider skipping a generation and leaving it to the grandkids.
They raised their kids to adulthood, what more can be asked of them?
Mom & Dad worked very hard to accumulate their estate and while us kids may not have had the same recreational opportunities as our friends, we were loved, fed, kept warm, etc. Mom doesn't owe us a thing.
I'm hoping that Mom (Dad has passed already) enjoys herself and leaves this world with just enough to cover her funeral expenses.
29
posted on
06/23/2010 10:03:56 AM PDT
by
whd23
To: Colvin
Hope she is getting counseling. It’s not worth chewing the same shoe for years. Life is for living and you create your own reality by what you focus your attention on.
30
posted on
06/23/2010 10:05:40 AM PDT
by
listenhillary
(You might be a modern LIBERAL if you read 1984 & said "YEAH! That's the world that I want!")
To: Coldwater Creek
All of my children are much better off than I am, but I want to leave them an inheritance. I just don't quite how to go about it. I have a terminal lung illness, and I have to make decisions, and I will take all of the suggestions that I can get.So sorry to hear of your illness.
It is wise to get input, especially from those with some experience in the matter. Hopefully it will help you make a choice about the inheritance that you are comfortable with.
To: Hoffer Rand
You are right. Before my husband died in 06, we had been talking about going on a train trip through the NW Parks. He made our daughter promise to go with me. Well, the next year, I talked with her, my grandson, and granddaughter. I told them we could either spend that money which had been set aside for that on the trip or they could have it when I died. Well, all 3 voted for the trip. Best decision of our lives. We went from Seattle to Jackson Hole. Saw scenes that they still talk about and my grandson loved the fact that he celebrated his 21st bd on the train. They sold the company the next year so we are so blessed that we went when we did.
32
posted on
06/23/2010 10:11:16 AM PDT
by
MamaB
To: Colvin
My Father in Law used his Will as get-even time.I have a feeling in your wife's case, he was ticked off about some silly little thing.
With my own father in law, however, I wish he HAD used the will as 'get-even time'. My brother in law raped his sisters and tried to rape my husband. He tortured them anytime he could get away with it until eventually mom and dad figured it out, and he was put away until he reached 18. When FIL split everything evenly, it was a real emotional issue for the siblings.
33
posted on
06/23/2010 10:11:45 AM PDT
by
MEGoody
(Ye shall know the truth, and the truth shall make you free.)
To: Kaslin
I think there should be considerations for other factors. What if one child does far more for the parent than the others?
Just by way of example, we cared for my mother in law for the last few months of her life. She had cancer. Then we cared for my father in law for the last four years of his life. Not easy, as he suffered from psychological problems and was very difficult.
They left the estate to their two children equally. Hubby was the executor of the estate and trustee of the trust. Hubby's sister suffers from psychological problems too, and she is also very difficult. She was terrified that he may get something more than what she got, so she filed lawsuit after lawsuit, accusing hubby of stealing from the estate, and accusing him of being responsible for his father's death. Most of the estate went to pay to fight these frivolous lawsuits, and most of the remainder went to pay taxes. Very little left for the two to split.
Father in law knew before his death that sis in law didn't want hubby to be the executor. He should have discussed his knowledge and concerns with hubby. He should have been more clear in what he wanted. I don't know how, maybe he should have taped a video to reinforce to his daughter that he wanted his son to be executor. He did tell me before his death that he had been to see the lawyer, and that he made hubby executor of his estate, and that his daughter didn't want her brother to be the executor, but he thought that if she was the executor, hubby wouldn't get anything.
As I age, if one of my kids is there for me a great deal, I will certainly take that into consideration as I rewrite my estate plan.
34
posted on
06/23/2010 10:14:42 AM PDT
by
passionfruit
(When illegals become legal, even they won't do the work Americans won't do)
To: Kaslin
if you can’t figure it out on your own, leave everything to them to divide as they see fit.
assuming they get along well enough, it should be a no-brainer for them.
35
posted on
06/23/2010 10:19:03 AM PDT
by
absolootezer0
(2x divorced, tattooed, pierced, harley hatin, meghan mccain luvin', smoker and pit bull owner..what?)
To: MEGoody
YIKES!
I guess evenly unless the money would got to a socio or phsycopath.
Basically my wife move to the west side of the country, in part to get away from the strange but interesting family antics.
36
posted on
06/23/2010 10:27:38 AM PDT
by
Colvin
(Proud Owner '66 Binder PU, '66 Binder Travelall,)
To: northwinds
Three other children (two of whom have given him grandchildren) were pretty much given the shaft even though they were the ones who spent time with him at holidays, etc.(the ner do well daughter never called him Dad but used his first name). Did they "give" him children and spend holiday time with him for the inheritance?
37
posted on
06/23/2010 10:30:07 AM PDT
by
Fundamentally Fair
(Bush: Mission Accomplished. Obama: Commission Accomplished.)
To: Coldwater Creek
Coldwater Creek, I say a quick prayer for you. Bless you for considering your inheritance even when faced with terminal lung disease.
There is a set amount of money you can give someone per year without them having to declare it on their taxes. I think it is $4000. Someone out there can correct me if I’m wrong.
If I were you, I’d try to disburse some of that even now. Tell them what you are doing and why.
38
posted on
06/23/2010 10:32:16 AM PDT
by
Persevero
(It's going to be a long summer.)
To: MIchaelTArchangel
A good charity would be a better recipient than a cat.
There are some excellent charities.
39
posted on
06/23/2010 10:34:29 AM PDT
by
Persevero
(It's going to be a long summer.)
To: marron
The fact that one child has more money is neither here nor there. Each chose his lifes work, each made his decision (and each is engaged in honorable work) and in most cases its not appropriate to account for that in the will. There are exceptions, but as a general rule you should not use the will to settle grievances and you should try to treat your kids equally where possible (even when one seems less deserving than another). Ive heard of people using the will to settle a grievance and its not pretty. Amen, each child chose their own path in life knowing how much earning power the job might provide and have to live with the consequences or change the situation if they aren't happy with their current jobs.
40
posted on
06/23/2010 10:41:43 AM PDT
by
Tamar1973
(Germans in 1932 thought they were voting for change too.)
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