Reply to How to Keep Inheritance Separate

Forum Index » Money and Finances

Reply to "How to Keep Inheritance Separate"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Thank you for all of the great ideas.

Yes, I plan to pay taxes from the inheritance.

It sounds like I should be able to move the inheritance to my brokerage so long as the inheritance is in a separate account with only my name and my kids listed as beneficiaries.

I hadn't thought about a trust.  I will look into that.  I do not want the kids to get access when they are 18.  That is too young, IMO. It sounds like I would need an executor.  I have an idea...

The kids are in elementary school.  If my partner and I don't save enough to cover college, I would definitely tap the inheritance for that.  For now I'd like to keep it more flexible.  Who knows what life will bring?

Hopefully I'll live a very long life but I'm planning just in case. [/quote]

The only way to control distributions is with a trust. You can have the marital and/or survivor's trust for your DH. The inheritance and any other non-marital property in a sep trust for the kids. You can stagger those distributions upon conditions, age, milestones, etc. You can always amend or revoke a living trust.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics