Telling sibling to deposit inherence in separate account

[Anonymous]

My sibling and I are getting around $100,000. each from an inherence I'm in charge of. For myself this amount isn't a big deal although always nice to have. My brother on the other hand lives off a lower paying job and has little or no money other then a condo he owns. He's in an extremely bad marriage to a nut case who's a SAHM and has one son who's 16. I'm sort of guessing he can't afford a divorce until his son is 18.

My brother has no idea that by putting this money into an account in his name only he's able to shield it from future divorce proceedings where he's sure to lose 50% of it. Do I tell him about this law regarding inherence money or just keep my mouth shut and mine my own business?

To be honest it's hard to bite my tongue and not say anything when this amount of money might be life changing for him.

[Anonymous]

No advice other than the word is: INHERITANCE

Not inherence.

[Anonymous]

Yeah, inform him. He can then decide what to do with it.

[Anonymous]

Thanks, just an iPad typo

[Anonymous]

"Brother, I expect to make the inheritance distributions on x date. Have you set up an account to receive these funds? If not, you should set up an account over which you alone have ownership as inheritance money is not considered joint property. Please let me know the account and routing numbers when you've done this so I can direct the funds to the proper account. Thanks."

Having said that, you may be opening a can of worms w/in his marriage by directing him to do this. Don't be surprised, either, if instead of being life changing you see this money go toward a new car and paying off revolving credit. That is to say whether his wife is involved or not, he may not share your POV as to the value/importance of this money.

[Anonymous]

Anonymous wrote:"Brother, I expect to make the inheritance distributions on x date. Have you set up an account to receive these funds? If not, you should set up an account over which you alone have ownership as inheritance money is not considered joint property. Please let me know the account and routing numbers when you've done this so I can direct the funds to the proper account. Thanks."

Having said that, you may be opening a can of worms w/in his marriage by directing him to do this. Don't be surprised, either, if instead of being life changing you see this money go toward a new car and paying off revolving credit. That is to say whether his wife is involved or not, he may not share your POV as to the value/importance of this money.

Yes. This

[mjsmith]

You guys are gullible... Not the best troll job...

[Anonymous]

You could set up a "temporary" Estate/Brother account and use it to deposit the funds there. You could explain the law to him this way: "Oh, I put it in there because it's yours, only yours. It doesn't count as marital property, so I put it where it would remain that way. Once you mingle, the inheritance changes to joint property. That's not what Mom wanted. She wanted each of us to have this amount for the future. I did the same for each sibling."

If you can explain in person, that's best. If not, do so by phone and offer to help him remove the Estate when necessary. But, for now, protect your brother (even from himself). That's kinda the job (Executor, Personal Representative).

Mention it's in his best interest or that instructions were left to do so, or that's what the lawyer said, or State Law. Blah blah. I have a baby brother, too. Do what you have to because you will never forgive yourself when, in two years, half that money goes out the door.

[Anonymous]

Anonymous wrote:Yeah, inform him. He can then decide what to do with it.

+ Please inform him of his choices. He is most likely depressed judging from the picture you painted and not looking out for his best interest.
Tell him and offer to be there for him if he needs furrher information and help.
This very nice of you.

[Anonymous]

I would explain it to him. "The lawyer explained to me that I I put my money in my own account, and do not use it for household expenses, it is NOT marital property, so in the event of a divorce I would not have to split it with my DH."

Don't make it seem like the advice is solely for him, but rather an FYI for both of you. But absolutely tell him. Hopefully he is smart enough to just not touch it at all until after he is divorced.

[Anonymous]

Anonymous wrote:I would explain it to him. "The lawyer explained to me that I I put my money in my own account, and do not use it for household expenses, it is NOT marital property, so in the event of a divorce I would not have to split it with my DH."

Don't make it seem like the advice is solely for him, but rather an FYI for both of you. But absolutely tell him. Hopefully he is smart enough to just not touch it at all until after he is divorced.

+1

[Anonymous]

If he has muttered about divorce when the kid turns 18 in the past, absolutely. Likewise, if the wife has a habit of running up debts without your sibling knowing about it.

Is there a way you can have the lawyer put in a paragraph or two about this so it doesn't seem like it's coming from "that mean bitch sister of yours who's always trying to break us up"?

[Anonymous]

Show him the thread in the relationships section where a woman cheated on her husband because she was bored, is getting the house and $60k a year in alimony, and still thinks she's entitled to her husbands inheritance.

[Anonymous]

Good advice. There's another recent thread where a STBX is trying to get her husband's inheritance. No chance is he never had it in a joint account.

[Anonymous]

Anonymous wrote:"Brother, I expect to make the inheritance distributions on x date. Have you set up an account to receive these funds? If not, you should set up an account over which you alone have ownership as inheritance money is not considered joint property. Please let me know the account and routing numbers when you've done this so I can direct the funds to the proper account. Thanks."

Having said that, you may be opening a can of worms w/in his marriage by directing him to do this. Don't be surprised, either, if instead of being life changing you see this money go toward a new car and paying off revolving credit. That is to say whether his wife is involved or not, he may not share your POV as to the value/importance of this money.

I'd say it more directly. "inheritance money is not considered joint property. Meaning if you put the money in an individual account (instead of a joint account with your spouse), then the money remains yours if there was ever a divorce in the future. Not advocating one way or the other, just letting you know what I was told."