Care to weigh in on how you would divide inheritance

[Seasoned Oak]

Im curious as to how others here plan to divide their inheritance. 3 main options exist to my knowledge.
1.Equally among your children or other relatives.
2.Unequally, possibly depending on the generosity and helpfulness of the child or relative.
3.To charity or possibly some combination of these 3 options.

And lastly would you cut someone completely out,say a child of extreme indifference,distant or uncaring?

 

[firefighterjake]

Im curious as to how others here plan to divide their inheritance. 3 main options exist to my knowledge.
1.Equally among your children or other relatives.
2.Unequally, possibly depending on the generosity and helpfulness of the child or relative.
3.To charity or possibly some combination of these 3 options.

And lastly would you cut someone completely out,say a child of extreme indifference,distant or uncaring?

I can only say what my wife and I have done . . . we are giving a few things away to some friends and family . . . the bulk of the inheritance will go to a few cherished siblings and charity (specifically the local Humane Society). And yeah, my wife has a long time estranged daughter who will not be getting anything. My own feeling . . . if you don't care to show someone the love and respect while they are living then you don't deserve to get something for nothing just because you share some genes.

 

[webbie]

Always depends on if there is any left by that time....

All things being equal, and they never are, I would have a very short will with equal divisions and perhaps a couple charities. If my money holds out, I may even invest some in a donor-advised fund:
http://www.fidelitycharitable.org/giving-strategies/give/donor-advised.shtml

We expect to have only a very small amount of grandchildren by the time we pass (maybe 3 at most), so it's likely we will leave something in trust for them. After all, by that time (in fact, already) our kids pretty much have their own finances together.

Yeah, if I had a kid who was a drunk, heroin addict, wife or husband-beater, repeat convict, etc.....I'd cut them out or be real careful with a trust.....

 

[Seasoned Oak]

Yeah, if I had a kid who was a drunk, heroin addict, wife or husband-beater, repeat convict, etc.....I'd cut them out or be real careful with a trust.....

An addict or drunk getting an inheritance could be fatal. A trust to pay for rehab perhaps.

 

[Boil&Toil]

Be sure your divisions comply with the applicable laws, or that you have done what's needed to make them do so. This may be primarily a spousal issue; certainly the case I'm acquainted with is. A neighbor left all her land to her kids (keeping it in her family, as she had gotten it the same way), but did not get hubby (I'm not sure if they were separated, but in any case, evidently not divorced) to sign off on it. Then she made the mistake of dying first. Hubby being a bit of a drunk and having no respect for wishes of the dead was able to haul it into court and sell the land off so he could drink the state-mandated share he was "entitled" to.

It may (or may not - this is why you want to pay a good lawyer) be better to mention the person in question by name and then either specifically state that they get nothing, or provide a token bequest, so that they cannot muck things up claiming that they were "forgotten." Things you are done with or don't need going forward, give where you want them to go while you are still alive.

IIRC, siblings (if they are still around when I go) & niece/nephew in equal shares, and some to charities; though one of the younger generation makes me question that from time to time, but I'm also able to see that playing favorites might not really be the best thing, so I have not changed the version in force.

 

[Beer Belly]

Got a close friend with two great Daughters (currently 15 & 18), who will get 100G Insurance Policy.....not sure about the rest, I'd leave it all to them, but the Wife and I will have to sit down and write a Will, and look at this seriously, but the girls get the 100G....that is mine to give.....I told there Dad, if something should happen, get over here and grab my Splitter and Saws before anybody else picks at my possessions like vultures......I've seen some family members in action....they are quick

 

[BrotherBart]

From what I have observed as relatives have aged, most is gonna go for those hundred dollar bowels of soup for me to drool into at the outrageously priced old folks home. And to doctors and their cadres.

 

[webbie]

From what I have observed as relatives have aged, most is gonna go for those hundred dollar bowels of soup for me to drool into at the outrageously priced old folks home. And to doctors and their cadres.

No doubt, the system is geared for that. In fact, they created an entire state where the economy revolves around taking your last $$$ before the end....

My wife's grand dad reportedly had a couple bucks- although money is relative...not a millionaire, but retired early and was a widower. So he moved to Miami and spent 20 years - started with the women and wine and ended with the doctors. We had to pay to ship his remains home to Philly!

These days it's not unheard of for a "senior residence community" to charge a 1/2 million just as what they hold (like a bond or deposit).....so you need some big up front bucks if you want to get taken care of. I've always had the one-way trip to Switzerland in mind....first class. But who knows if I'll be smart enough and capable enough to arrange it when that time comes.

 

[Seasoned Oak]

From what I have observed as relatives have aged, most is gonna go for those hundred dollar bowels of soup for me to drool into at the outrageously priced old folks home. And to doctors and their cadres.

Ill be lounging around at some long term care resort in the PI by that time. Last time i was there i spent several days in an Upscale hospital(Marble floors and chandeliers) Paid less than $200 which included half a dozen IV bags, several prescriptions,lab work and round the clock nurses and doctors in a private room with cable TV.

 

[Ehouse]

From what I have observed as relatives have aged, most is gonna go for those hundred dollar bowels of soup for me to drool into at the outrageously priced old folks home. And to doctors and their cadres.

I really, really hope you meant bowls.

 

[Seasoned Oak]

Good one Ehouse i completely missed that Gives it a whole new meaning

 

[BrotherBart]

I kid people about typos so much, I have to leave it.

 

[Ehouse]

What I've seen a couple times in families with multiple siblings is the bulk of the estate being left to the struggling one(s) when the others are pat. It causes some ill will (heh), but makes some sense for the family as a whole.

 

[Ehouse]

I kid people about typos so much, I have to leave it.

I'm sure I'll get my turn.

 

[Seasoned Oak]

What I've seen a couple times in families with multiple siblings is the bulk of the estate being left to the struggling one(s) when the others are pat. It causes some ill will (heh), but makes some sense for the family as a whole.

In my family the struggling ones,are the ones making the bad decisions.Without exception. When they do get a windfall, its gone overnight, often with nothing to show for it.

 

[Ehouse]

In my family the struggling ones,are the ones making the bad decisions.Without exception. When they do get a windfall, its gone overnight, often with nothing to show for it.

As was the outcome in the cases I observed.

 

[BrotherBart]

In my family the struggling ones,are the ones making the bad decisions.Without exception. When they do get a windfall, its gone overnight, often with nothing to show for it.

One niece is like that. But she gets an equal share of what's left. What do I care what she does with it if I am dead?

 

[Ehouse]

As was the outcome in the cases I observed.

Now, Randy, you're a real estate guy; What about buying a nursing home for investment so you've always got a place to go? Actually, it's a toss up between that and a liquor store that's coming up soon!

 

[Seasoned Oak]

One niece is like that. But she gets an equal share of what's left. What do I care what she does with it if I am dead?

True,But Ehouse was relating, was giving the BULK of the estate to the spenders. Not fair to the level headed ones ,equal shares not based on spending

 

[BrotherBart]

Do it equally or the lawyers end up with most of it in the fight anyway.

 

[Seasoned Oak]

Now, Randy, you're a real estate guy; What about buying a nursing home for investment so you've always got a place to go? Actually, it's a toss up between that and a liquor store that's coming up soon!

Im liquidating. Real estate= problems,headaches ect. Got most of my stuff on long term purchase contracts collecting 8-15% interest. Good rates these days.
My long term care plan will be on a beach in the Philippines deciding what i want for breakfast,and if ill go fishing that day or just sip on a few cold ones. Edit And the serious long term care like 24 hour care, is quite affordable there as well.

 

[BrotherBart]

My long term care plan will be on a beach in the Philippines deciding what i want for breakfast,and if ill go fishing that day or just sip on a few cold ones.

Or hobble running from the typhoon.

 

[ironpony]

so far all good advice, what my atty recommended as far as leaving someone out is;
leave them $100 dollars so that they can not challenge that you forgot them, because you were old/senile.
they got something so you could not of forgot them.

 

[Seasoned Oak]

Or hobble running from the typhoon.

Have actually been in one while there in the 90s. Was at a beach resort,quite thrilling. This one recently was one for the record books.

 

[Hills Hoard]

My mate blew his inheritance on booze, gambling and prostitutes...(some where in the vicinity of $250,000 AU)...took him 15 years to get back to the point where he can put a deposit down to buy a house...

There will be a s*** fight in our family when it comes to dealing with inheritance mainly due to one selfish person who will stop at nothing to make sure they are well looked after...