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]OP, I am in a blended family (two kids with my spouse, they have child from previous marriage). I am also in the midst of settling parent's estate and receiving inheritance. We recently did our estate plan. I have two trusts. One is a revocable trust that directs my 401k, my share of our brokerage, and house, to go to spouse if I pass first, and otherwise to our two kids, in a trust if they are under certain ages (have spouse, then family member and then good friend as back up trustees). This is what I would consider our "joint' money. Yes, its possible spouse could remarry and direct these assets elsewhere but I also have a separate trust for inherited assets which go straight to our two kids, and will remain in a trust until they are of determined age, with my family member as trustee. These funds will be in a separate account at the same brokerage spouse and I use. I can draw from it during my lifetime (its revocable) but I know that inherited assets will pass straight to my kids.

Spouse has a trust that directs our 'joint' assets (house, and a brokerage) to go to me but his 401k divided equally between all his kids . I get "less" from him than he would get from me, but I am the only one with a relatively substantial inheritance so I will be fine.  while our two kids together will benefit from my inheritance, my stepchild will also be getting large inheritance from their other parent. We cant predict or control enough to make things equal, but we worked hard with our estate attorney to make them fair so that no kid would feel cut out by their bio parent. Again, there's always the possibility that one of us remarries and directs those revocable funds away from children, but we've done a reasonable amount to protect without all the issues of an irrevocable trust. [/quote]

We have a hot mess of a blended family in our family.  My parents created a special trust for my sibling's share of their estate.  My sibling receives an income for life; the remainder goes to my sibling's biological children/my parents' biological grandchildren when they die.  [/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