Will You Inherit? Will you leave an estate?

[Snoopy2645]

Re: Will You Inherit? Will you leave an estate?

I inherited when my dad died not much but some I put that money towards my house. I was 22 at the time I wish every day I had my dad & not the stupid money which at 22 caused me more headaches than I care to mention on here!!! We didnt get anything else my dads wife of only a year dumped all of his stuff & married the first guy that came her way after my dad died guess he was her late first husbands brother she refinanced the house my dad paid cash for & she got & she ended up loosing it!!!

My dads mom passed this last year & left the house my dad paid for to my rich uncle along with everything else BTW same uncle never did jack for her but bring her cakes & such when he knew dang well she was diabetic well I did get a few things like my dads baby shoes that was about it so I have the first pair of shoes he ever wore & his last!!



As for my mom I have no idea if thier will be an inheritance or not she is so tight she squeks maybe for the better but maybe for the worse LOL!! As for dhs dad thier was nothing when he died & for dh's mom thier will only be debt I can guarantee that!!

[debtfreeme]

Re: Will You Inherit? Will you leave an estate?

Jus tcurious how many are leaving just a will instead of a will and a trust?

Are you going to make your families go through probate and have to wait or pay higher taxes? Please consider doing a trust instead of just a will. It makes the transfer or assest so much cleaner and quicker.

It is not much money to make one, find a good trust atorney and just do it.

If you can't afford it then make sure you at least have a will. In California the majority of people die with a will or nothing. With nothing in place it means fed and CA gov get about 55% yes that is right about 55% of what you leave.

Think about it.

[debtfreeme]

Re: Will You Inherit? Will you leave an estate?

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[debtfreeme]

Re: Will You Inherit? Will you leave an estate?

One more thing... there are lots of places that will do trusts based upon the amount of your assets so if you have very little it is cheaper, better way to do it when you have nothing and then just amend it.

[debtfreeme]

Re: Will You Inherit? Will you leave an estate?

One more thing... there are lots of places that will do trusts based upon the amount of your assets so if you have very little it is cheaper, better way to do it when you have nothing and then just amend it. That is what i did. I did mine and all i own is my car so it was really cheap (about $100) and i did it through the church. So look around you might surprise yourself.

[TBH]

Re: Will You Inherit? Will you leave an estate?

Will I inherit? God, I hope not. I hope my parents live long enough to enjoy all their hard work. In reality, though, there may be a little something some day. But they're both quite young so it won't be til I am middled aged or even older, and hopefully very financially well-off myself.

As for me, I have a will but no trust. If my partner and I die while our son is a minor, there is a sizeable amount of life insurance to see him through his childhood and college. My partner gets all my assets unless we both kick the bucket. Then our son gets everything. Our assets are not so very large, though, so they'll probably get whittled away in lawyers fees and taxes. The life insurance is what will really put the food in my son's mouth until he can support himself.

We mainly got a will because we wanted to name alternate guardians for our son. If you have minor kids and don't have a will, get one! They become wards of the state if you don't have your wishes spelled out. Then your relatives get to fight over them. It's ugly. Happened in our family a few years back so we're all hyper-careful about naming guardians.

[jodi]

Re: Will You Inherit? Will you leave an estate?

Interesting...I was just thinking that DH and I don't have enough to bother with a trust, then I read debtfreeme's last post about it being cheaper when there is less...something to think about.
Anyway, my parents put everything in a trust for us. Everything is equally in all of our names (myself and my two brothers), but it will basically break down to this: brother #1 gets investments, brother #2 gets the farm (he operates it now with my father), and I will get the house. We'll makes adjustments to make sure all is approximately equal.
As for Dh and I, right now we don't have much to leave. We have a will specifying guardians for our children and life insurance to take care of them. I hope that we will have some type of inheritance for them - definitely the house so it stays in the family (it's on the same property as the farm). I want to make sure that we instill good money values in the kids NOW so that they won't waste what is passed on to them. I have seen that happen as well...very sad.

[jmjj215]

Re: Will You Inherit? Will you leave an estate?

My dad pulled us all in many many years ago and said not to expect a dime from him. He plans on donating it to charity. He's not mega-rich, or even rich, but as an attorney he's done pretty well I think. I really don't have a good idea of it.

I think my Dad's reservation on leaving an inheritance stems from all of the family feuds he's seen as an attorney. Where money divides the family.

It's amazing what money can do to someone. Especially when they don't have to work for it.

[jmjj215]

Re: Will You Inherit? Will you leave an estate?

get whittled away in lawyers fees and taxes

I believe there's an estate exemption of over a million dollars, so taxes might not be an issue.

[TBH]

Re: Will You Inherit? Will you leave an estate?

I believe there's an estate exemption of over a million dollars, so taxes might not be an issue.

Our state has no exemption, although you're right, the feds don't tax the first so much $$ (the exact amount changes every year between now and 2011).

Aside from that, my partner and I are unmarried, so all the money we inherit from each other (including the value of our house) is taxed, as are life insurance payouts.

For more info on estate planning in unmarried families, check this out.

[mverch]

Re: Will You Inherit? Will you leave an estate?

I'll inherit less than a year's average salary. I wish my parents would go ahead & spend it on themselves, but they won't.

[debtfreeme]

Re: Will You Inherit? Will you leave an estate?

Skip the wills, go for the trusts. Why put your family into the limbo of probate? Why make them wait or make it difficult to care for minor children?

really look at your options. Trusts are better.

[cashqueen]

Re: Will You Inherit? Will you leave an estate?

I doubt I will get much, if anything. My mother will probably only have debt and my dad doesn't have much either. No problem, I will take care of my own money so I don't have to even think about inheriting. If I do, it will be a nice surprise.

[tgavin71]

Re: Will You Inherit? Will you leave an estate?

My sisters and I have told our parents that we don't want any inheritance. We'd rather them spend it on themselves. I know that I will get a small amount of money. Not enough to retire on.
I have told my kids not to expect anything. I don't want to be waiting around until I die hoping to get a big windfall to finance a house or new car or whatever.

My husbands family on the other hand are inheritance obessed. There are still fights and feuds over my grandfather in laws estate. He died in 1972. Grandchildren who weren't even born then have been known to get into arguements. Every time, once or twice a year, we visit MIL she pulls me aside and shows me different things and tells me who gets what when she dies and what each is item is worth. It makes me feel very uncomfortable.

[frugalfarmwife]

Re: Will You Inherit? Will you leave an estate?

In our eyes future inheritances have caused more headaches and misery than anything else in families. I have inherited from my Grandmother and have a small amount coming from a trust from my father, my mom is leaving all her assets to care for my handicapped brother. Hubbies father left it all to his mom.

The biggest problem was when a great aunt died and left money to hubbies mother/aunts/uncles, it RUINED the family and it's all gone, they blew it.

We have no children and plan on spending it all, whats not spent will be left to charities, hubbies brothers have already been told that and not to expect anything for their children. My brothers children will be well cared for and won't need our help in the future.

All I'm leaving to family is my grandmothers jewelry and hope chest to my nieces.

kj