If you and your spouse died tomorrow how much would each child inherit?
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Anonymous
| Our kids are 11 and 14. If we both died they would each get about $1 million, almost all from life insurance. We have a little in retirement savings, cash on hand and equity in the house. |
Anonymous
| We're in our mid 30s with 2 young kids. If wife an I died tomorrow they would get everything, so total: $1.5M life insurance + $700k financial accounts (that's everything, including retirement accounts, 529, brokerage etc.) + house (probably about $300k equity). So that's $1.25M per kid. I think they also would get some social security survivor benefits, but I'm not sure how that works exactly. |
Anonymous
Much integrity. Many brave. |
Anonymous
| My kids would inherit Canada and most of the DC area. |
Anonymous
Cottage. I haven't heard bungalow. |
Anonymous
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The real question is does everyone have a trust established for their minor children in the case that they and their spouse knock off early. I know I don't want my kids becoming overnight millionaires on their 18th birthdays after losing their parents.
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Anonymous
Most people don’t have a trust names as contingent beneficiaries of retirement. If you die while in payout status, your kids will have to take rmd’s every year. |
Anonymous
If you are wealthy and snobby enough to use the slightly obnoxious term pied-a-terre you might want to learn how to spell it. |
Anonymous
Could you elaborate on this? Can one name a trust as beneficiary of a retirement account? In that case do the RMDs go to the trust for the benefit of the children according to the terms of the trust? If the children are not minors, what are the pros and cons? |
Anonymous
| 5.5 million - 4.5 million from life insurance (first year biglaw partner). |
Anonymous
Our original trusts for our minor children had relatives and a banker as trustees and our kids would get the money at age 30. At 18+ they could access $ with the approval of the trustee for education, medical care and whatever the trustees thought was reasonable. Pre-18 their guardians could access the trusts via the trustees for child support. Now that they are 30 our updated trusts are such that they would get a full distribution only after the surviving spouse dies. I am the trustee of my spouses trust and vice versa. We can authorize distributions to our kids at our discretion but we haven't because they haven't needed it and fairness is critical. We are currently working to move more of our assets into the trusts to take advantage of the new tax bill which raised the amount you can transfer estate tax fee. |