Relatives promising inheritance I don't want

[Anonymous]

You can just decline, can't you?

[Anonymous]

Anonymous wrote:My aunt and uncle (siblings) have decided that their children are irresponsible and so they want to leave their assets (one is high 7 figures) and real estate to me. They think because I am their version of responsible I will not squander the money as they assume their children will do. I don't want this and have said so, but they aren't listening. I know wills can change, but if I do end up inheriting, would I be wrong if I just give the money and houses to their children? Would you?

Is the one with the high 7 figure net worth willing to adopt a new, responsible 'child'?

[Anonymous]

What specifically makes the kids so irresponsible?

Am I the only one not following the (siblings) detail?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My aunt and uncle (siblings) have decided that their children are irresponsible and so they want to leave their assets (one is high 7 figures) and real estate to me. They think because I am their version of responsible I will not squander the money as they assume their children will do. I don't want this and have said so, but they aren't listening. I know wills can change, but if I do end up inheriting, would I be wrong if I just give the money and houses to their children? Would you?

Question: if OP does just give the money and property to their children will OP then be responsible for taxes as I am assuming the amounts given would be well above the annual gift limits?

No. OP can disclaim the inheritance which will trigger it to automatically go to the next in line, which should be the kids.

[Anonymous]

Say nothing and let it happen. You can always gift it to their kids or grandkids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My aunt and uncle (siblings) have decided that their children are irresponsible and so they want to leave their assets (one is high 7 figures) and real estate to me. They think because I am their version of responsible I will not squander the money as they assume their children will do. I don't want this and have said so, but they aren't listening. I know wills can change, but if I do end up inheriting, would I be wrong if I just give the money and houses to their children? Would you?

Question: if OP does just give the money and property to their children will OP then be responsible for taxes as I am assuming the amounts given would be well above the annual gift limits?

She could use up her lifetime exemption on it but that's not wise in case she wants to use that for her own assets when she passes.

She could disclaim, but then it would go to the alternate heirs who may or may not be the kids

[Anonymous]

Anonymous wrote:I'm having a hard time why you wouldn't want high seven figures, but anyway, yes, I would refuse it and have it split between their kids.

If you disclaim, you don't get to decide who gets it instead of you. That's gifting and incurs having to either pay gift taxes or use up some of your lifetime exemption.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My aunt and uncle (siblings) have decided that their children are irresponsible and so they want to leave their assets (one is high 7 figures) and real estate to me. They think because I am their version of responsible I will not squander the money as they assume their children will do. I don't want this and have said so, but they aren't listening. I know wills can change, but if I do end up inheriting, would I be wrong if I just give the money and houses to their children? Would you?

Question: if OP does just give the money and property to their children will OP then be responsible for taxes as I am assuming the amounts given would be well above the annual gift limits?

No. OP can disclaim the inheritance which will trigger it to automatically go to the next in line, which should be the kids.

You don't know that the next in line are the kids

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm having a hard time why you wouldn't want high seven figures, but anyway, yes, I would refuse it and have it split between their kids.

If you disclaim, you don't get to decide who gets it instead of you. That's gifting and incurs having to either pay gift taxes or use up some of your lifetime exemption.

Yes, this may impact OP's own lifetime exemption.

Encourage your relatives to leave an inheritance that promotes harmony. Better they leave funds in trust with restrictions to their own kids than burden you with the drama.

[Anonymous]

Anonymous wrote:
Am I the only one not following the (siblings) detail?

Meaning this is not a married couple, this is a brother and sister who have both picked OP as their heir.

[Anonymous]

Anonymous wrote:Once their kids are aware of this they will probably be so mad at you for being so perfect that they will shun you and hate you. At that point you might decide to give the inheritance to somebody who deserves it.

+1. Giving the money to them won't undo the damage although it may slightly mitigate it. If you really don't want the money I'd encourage them to leave it to a charity or someone else instead.

[Anonymous]

So get it, then donate it to a charity for URM education.

[Anonymous]

Anonymous wrote:So get it, then donate it to a charity for URM education.

That doesn't solve OP's problem which is that OP doesn't want to be involved in the drama / ill will from the cousins that do not receive an inheritance.

[Anonymous]

Anonymous wrote:My aunt and uncle (siblings) have decided that their children are irresponsible and so they want to leave their assets (one is high 7 figures) and real estate to me. They think because I am their version of responsible I will not squander the money as they assume their children will do. I don't want this and have said so, but they aren't listening. I know wills can change, but if I do end up inheriting, would I be wrong if I just give the money and houses to their children? Would you?

Suggest a trust where their children cannot access most of $$ except in small increments over time where they will hopefully mature.

[Anonymous]

Anonymous wrote:Once their kids are aware of this they will probably be so mad at you for being so perfect that they will shun you and hate you. At that point you might decide to give the inheritance to somebody who deserves it.

This is actually a valid point.