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Reply to "Advising parents on how to set up will"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Tell your sister that you are clueless how the will is structured and that it's solely up to your parents to decide. Maybe she will piss off your parents and they will cut her out. We have four children and ten grandchildren but one of our kids doesn't have any children. We have set up well funded 529's for each grandchild but our kid without kids would make a big mistake bitching about the 529's and her not getting anything as an offset. [/quote] My sister has complained about exactly this several times. She asks me how much they have contributed to their 529s and I truly have no idea since they opened the accounts.[/quote] This is a legitimate complaint. My parents put into a trust whatever they gift to my sisters kids, the same amount to me. Well rather, this trust. The beneficiary is any children I may have, but I don’t have kids yet. If at age 50 I still have no kids, I become the beneficiary. I am the youngest cousin and I got kind of screwed inheritance wise because my grandparents gifted the maximum to each grandchild each year. Well that’s nice and all, but I have cousins who are 20 years older than me and I was only five when my grandparents died. So they inherited a lot more than I did. There was no equalization provision in their will, Which could’ve solved this issue. So my parents want to make sure this doesn’t happen again. Because then not only what I inherit was for my grandparents, then my siblings and daughter cousins did, I would also then inherit less from my parents[/quote]
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