Are you gifting your kids the max allowed each year? If not, how much are you giving and has the amount you gift changed as your kids grow?
Where are the gifts going (529 for education, custodial investment account, 530A Trump account, etc.) and how did you decide which to prioritize?
I 45yr old female was adopted by my father since I was 1 in Bosnia. My dad had 3 children in his first marriage and had another brother with my mother. We lived in Australia. They divorced when I was 10. I didn't have much contact with him due to parental alienation from my mother and he moved back to Bosnia. He passed and I contributed to his funeral because he was my dad I was devastated. My youngest brother flew over for the barriel. Probate was held and my brother never listened me as his child so I was never notified about his will or anything he was leaving behind. My brother just told me we were getting the house to share when we came to visit our home country and the other 3 children were getting the apartment. I didn't ask much more. I came to live in Bosnia now to find out my brother put the house in his name and I was never included in the Probate or even mentioned I exist. I got a hold of everything through court. His will stated my brother's as executors of the estates and after paying all of his debts to share the rest equally amongst all his children. I don't know what to do now do I take this to court to have them redo everything so I'm included? In that process I will probably lose my mother who is very happy my brother got the house and the whole family will be angry with me because the chances are that all 5 of us will have equal rights in both the house and the apartment. I'm the only 1 that is living in the country at the moment but not in the properties as I thought I had no right. Please give me advice
Not to sure what im doing need a little help got around 150k from the inheritance and need guidance on what to do most of it is in a cd and it’s gonna end in a couple of months. I got 36k invested in etf,mutual funds and cash alt also 5k in a money market account please and thank you for ur time .
Have a friend whose Dad passed.
Shortly after, she got a call from a lawyer saying his court case has settled, and that she’d be receiving his settlement.
He’d been in litigation for years leading up.
He has a surviving spouse.
The lawyer said, it belongs to her
( my friend, not the spouse )
Just wondering if the spouse has any rights to it, or can contest it?
They aren’t communicating with one another.
I'm looking for outside opinions because this is a life-changing amount of money for me, and I want to make smart decisions instead of emotional ones.
A close family member recently passed away, and I'll be inheriting roughly:
* **$330,000** from an inherited 401(k)
* **$150,000–$200,000** from the sale of their house
* **$50,000** from their checking account
So I'll end up with roughly **$530k–$580k** before taxes on the inherited 401(k).
The 401(k) has to be withdrawn within 10 years, and every withdrawal is taxed as ordinary income. I'm currently leaning toward withdrawing it over **5–7 years** because that seems to let me get the money sooner while staying in a relatively low tax bracket. Utah has a flat income tax, but I may not stay here long-term.
### The house situation
I lived in the house with my family member the entire time. The house was in their name, but my brother and I are the beneficiaries.
I still live here now.
If I want to keep the house, I'd have to buy out my brother's share of the equity for about **$150,000**.
The house has:
* 3 bedrooms
* 2.5 bathrooms
* An unfinished basement
* About **$145,000** remaining on the mortgage at **3.75%**
I'm a single guy with one dog, so I definitely don't *need* a house this size.
### Option 1
Keep the house, buy out my brother, and continue living here.
### Option 2
Sell the house, travel around the U.S. with my dog for a few months (staying in pet-friendly hotels or motels), figure out where I actually want to live, then rent an apartment and pay a year's lease up front.
### My questions
Would you keep the house or sell it?
If you were in my shoes, how would you invest this money?
How much would you keep in cash?
Would you pay off debt or keep the low-interest mortgage?
Is there anything you would absolutely avoid doing if you suddenly found yourself in this situation?
I'm 34, single, and this inheritance gives me a chance to completely change my financial future. I'd love to hear how you would approach it if your goal was to maximize long-term wealth while still enjoying life.
UPDATED INFO:
I work for Grubhub and Ubereats. Probably not for much longer as I will take time off to learn a new skill/certification/degree etc. I can work whenever I want or need to so that is why traveling for a bit is an option. I do not currently have a skill.
My only debt is about 9k on a 2017 Honda Accord Hybrid with 151k miles on it. I don't have any other net worth or savings.
If you want to know anything else just say so.
I am in SLC Utah
Say my widowed mother in California passed away. In her will she leaves everything equally to her children. One of her children is deceased and has 2 children but one of those children is illegitimate and has never been part of the family but we know exists. Is the illegitimate grandchild due a share of the inheritance? Thank you
For context, I live in Georgia in an apartment.
My dad recently passed away and I inherited his house. The mortgage is paid off but there is a HELOC on the house.
I need to know if I should: sell the house?
Should I rent the house?
Should I move out of my apartment into the house?
I am not in the financial situation to refinance the HELOC in my name, but could continue to make the payments if I rented out the house or if I lived in the house.
I currently have a lawyer working on getting the deed transfer into my name.
Thanks for any advice offered.
My grandparents passed some 15 years ago. I just found out the other day about a triggering event in a silent trust my grandparents set up for the grandchildren. I can only confirm my sibling and I received it because we speak, not bc anyone told us. I cannot be sure about my cousins. when my aunt passed we were to inherent money. My Aunt passed almost 2 years ago. My grandparents did this to protect us from my aunt begging us. they told nobody. Gparents were well off but lived modestly. I had no hint of this occurring!! When they passed, I thought their money had been distributed in the will amongst their children (mom, unc, aunt). My mom is still alive and she did not even know about this event. I was on the phone with her when I read the letter from the trustee! The same trustee that manages my mom’s trust financials. My grandparents never told my mom (aunt’s sister) they did this. Now that I know this trust has silent properties to it, could there be more silent triggering events they do not have to disclose to me or the other beneficiaries of the event, if it hasn’t happened yet? I looked up the state, Ohio, and they allow completely silent trusts.
Beyond grateful. It was absolutely insane to find this out when the trustee contacted me. To know my grandparents were looking out for us and hiding this beautiful secret is truly amazing. The funny thing is my mom would always say that my grandparents didn’t want our aunt coming back around and bothering everyone for money. It appears they went to great lengths to ensure this didn’t happen and to make their financials private. I’m blown away. This is stuff that happens in movies. I’m not the best at writing out my thoughts, so I hope this makes sense.
At first, I agreed because I was so taken off guard. The whole family had finally gotten close again, we were healing, and the last thing I want is to fight over my dad’s death.
Blended family, his (me, 58f), hers (2 sisters mid 50s), and ours (my brother, 42). Together for 52 years. Quebec, Canada
Short story (in my eyes): My Dad passed away and left “something” to my brother and me. When my stepmother passes, she is leaving the rest to her 2 daughters and my brother. They owned a $5 million property, and she owns property in England, so they will all be quite comfortable. I am happy for them and whatever my dad wanted me to have.
He passed away recently with a 2019 handwritten will. In it, he left me his share of a property (that my brother lives in). My Dad bought it in 2003 “with” my brother. I’m not sure what my brother’s contribution was, he was 19 at the time. The property was a duplex that they renovated into a single family home in 2020, and my brother moved in December 2020. I don't know what the arrangement or deal was between them. I know my brother has mortgaged the place for the renovations, and I don’t know if my Dad co-signed for the mortgages. There is so much I don’t know. I do know the property is now worth over 1 million. So even if he has a mortgage, he’ll still own a million dollar property, no?
SM said something about the mortgages, and that my dad wanted me to buy a home, so it would be better just to take the offer. I’m more than happy with $100,000, but it seems unfair my brother gets the “duplex” and the cottage (another story), and I don’t know how to ask to see the will without starting a battle. She was unclear what portion he left me, 50 or 25%, but both are more than the offer. I know there is merit to the mortgage issue, and I would never want to make him sell, but it seems unfair. I know life is unfair. I just want what my dad wanted for me because that’s it, after that, everything will go to the other 3 kids.
I should be just dealing with missing my dad, and I don't know what he would want me to do. And I don't know where to start. I can't get his death cert because I can't remember their exact wedding date. I'm so sad, and I miss him so very much.
EDIT: I took out 2 paragraphs that were more emotional than relevant. I am getting a lawyer, no debate. I will update after I meet with the lawyer and I'm sorry for the premature posting. Thank you to all who have replied.
My step mother is executor of the will. The will does not mention the box and her name is not associated with it, although she is on his other bank accounts. My Father years ago told me he wishes me to have the contents (about 12-15k of various items) that we visited together so he could show me its contents. I mentioned this to her and she said, “well there’s only about 2k in cash in there.”I replied, no there’s gold, jewelry and various collectible coins. She didn’t say anything to reply and the conversation quickly changed to other things.
I am out of state and she is in Tennesse. There are only her, myself and my brother as beneficiaries. Most of the assets are divided equally, though my brother and I maybe have 25% more if you add everything up. I believe she thinks this unfair and has asked multiple times to sell real estate and divide it up with her. which would then give her about 30% more than my brother and I. He left her a house, 2 cars (worth 50k as one is new) and some cash in the bank.
I guess my question is how can I insure the contents of the box are properly accounted for? Thanks!
I'll try to be brief as this is a pretty complex situation.
My husband and I (mid 20s) moved in with my father (Mid 80s) nearly two years ago following my youngest sibling leaving home for college. My siblings and I all grew up in this house and it's been in the family for 20 years. It is a large house on a half acre with one fully finished upstairs, and a basement the same size with only our bedroom finished and the rest unfinished.
When we moved in, we planned on staying with my dad to help take care of him and the house, to be close in case of emergency, and in case he were to ever fall. The plan is to stay with him until he passes away. Mind you, my father is in incredible shape for being in his 80s and doesn't require any help or support other than some occasional company at this point, so we are anticipating 5-10+ years left here with him. Plan was to stay upstairs with my dad sharing living spaces and a kitchen.
Due to some family circumstances and clashes with my dad, we are having to make our own space downstairs if we will continue to live there. This would include finishing the basement to have a bathroom (we already put this in), a kitchen, bedrooms for future kiddos (we are currently expecting), and a living room space. This would be 100% funded by us and our savings.
We felt comfortable with this because my dad has mentioned casually that we would inherit the house, so we were confident that we would be investing into our future while still making things comfortable for our family and my dad at home. However, lately he has mentioned that he wants my siblings to split the inheritance of the house equally, and also that no one might inherit the house due to my mom (60s, legally seperated from my dad) having a clause in the settlement agreement that she would get the house upon his death.
In short, we are worried about putting all our savings into my dad's house with no guaranteed way to get it back, and/or loosing it all upon mom getting the house (which she would sell, and we couldn't afford to buy from her). I would rather keep it for a downpayment on our own place if we get no return from staying here.
Dad has a will from 20 years ago that presumably willed everything to my mom as they were happily married at the time. I didn't know the will existed until about a month ago. As a major procrastinator he is unlikely to make a new will anytime soon.
We do not pay "rent" but do pay utilities, in addition to groceries for my dad and cleaning out previously mentioned unfinished basement (20 years of trash, junk, and bugs), and doing general chores and maintenance around the house (ex. Fixing sprinklers which out of our pocket as well)
No contract exists between us and my dad.
Is there any reasonable legal way to get compensated for hundreds of hours spent cleaning the basement, working on the yard, and building additions to the house? Especially when this would have had to be a payed service (cleaning basement, lawn work, construction of unfinished basement, etc.) if we did not do it?
Could a new will potentially overrule what is written in the settlement with my mom and will the house to us or a split with my siblings?
Are there any legal grounds for us getting reimbursed through the eventual estate for the money we will have put into the house? (Ex. Unjust enrichment with his house gaining up to 100k+ in equity from our remodels)
LOCATION: New Mexico
Hello,
I inherited property with my sibling in Australia, it’s just over 5 acres with a house and granny flat
I’m beginning to think my sibling just isn’t capable of maintaining said property, they currently live in the flat but I’m in the main house and they come to use the kitchen in the house but won’t contribute to cleaning shared areas, they don’t work but sleep late every day and only do things they enjoy doing - so I’m working full time and doing the lions share of the work around the property
I absolutely couldn’t trust them to maintain it if I was to travel or move out. I feel trapped and really miserable
How have others navigated this situation 😢
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So my mother passed away and left a good amount of money and a condo in Florida. We’re working with a law firm to handle everything and they’re charging us 7 grand, also they didn’t really do anything for us yet. Originally they didn’t itemize any of it, we just got a flat number. We pushed back and asked for a breakdown, and now that we have it, it’s full of bullshit charges like “opening email” and “thinking about email.” Like actual line items for that.
We think they’re trying to take advantage of the fact that it’s a big inheritance and figured we wouldn’t look too closely. How do people usually handle this? Has anyone actually disputed a bill like this before and gotten anywhere with it?
My aunt, who made enemies easily and was kind of a hermit, died suddenly a month ago. She had everything in a trust. All money goes to her step children and her home and personal property goes to me. The successor trustee has not communicated since day two after death. The home has past due bills, electricity and property tax and homeowners insurance. I have emailed several times and left one voicemail with no response from trustee. I checked with estate attorney who drew up her trust and she said I had a right to expect communication from trustee. What should I do?
In the near future I am expecting an inheritance that is likely to double or more the net worth of my wife and I. I would give it all up if the person it is coming from was able to recover.
A while back my wife ended up with really bad PTSD from her job and was tossed out by her employer despite legal protections (we live in a red state where those protections are mere window dressing). She ended up doing a fair bit of elderly care to feel worth. She cared for Vietnam vet until his death, then a woman with Alzheimer's until her passing, then another very elderly woman who also passed. The husband of the Alzheimer's passing ended up a very close friend, he was estranged from his children (20+ years of no contact), and had a close-knit circle of friends, but not much else. He asked my wife to care for him when his time came. We of course agreed (I say we because she wanted my input), because we both liked him a lot, and he came from a career in the same field as my wife (prior to PTSD). Over a few years he ended up making her the sole inheritor of everything. We didn't think much of it, we are both more focused on taking care of ourselves and proud of what we have built.
A few weeks ago he suffered a terrible injury and ended up in the hospital. He had left a folder of documents for my wife, including various powers of attorney. It has been an emotional roller coaster trying to get him the best care possible and trying to set him up for a full recovery. We consulted with his estate attorney at almost every step, but he also left very explicit instructions. Due to the nature of the injury and deficits caused by it his condition has drastically declined. The initial hospital he was transported to sucked, but we moved him to one that has been wonderful, but he has been in ICU, the ER and IMU and has done nothing but decline. Ultimately after talking with the attorney and re-reading a lot of documents he had left, she decided to put him into in patient hospice. I think I have cried more than her. It is hard for me, and I am in a career that I have had almost constant contact with the sick, inured, dying and have had to call the time of death of dozens of people, but knowing him and the personal dignity he carried, it is really hard for me to see this. My wife has had very close relationships with the old folks she cared for, and this is #4 in 4 years.
She and I have worked hard, lived below our means, been careful with our money and counted on nothing else. I would gladly give up my own money to give her friend a few more years on this planet with independence. Instead, she is going to get a windfall we never asked for, expected, and honestly, I keep hearing "more money more problems" in the back of my mind. To me, what is worse, is he has asked for NO funeral. We have been talking about some sort of get together that is not a funeral for his closest friends to celebrate him and his life. We were lucky to know him and his late wife,
In a few days, weeks, months we will have to confront what is coming. Fortunately, he has a lot of detailed documentation, a great attorney, but none of that will alleviate the emotional distress. He has explicitly stated that nothing goes to his blood, but I am personally inclined to ignore some of that, especially in regard to items that have sentimental value.
I do not feel some sort of guilt, but it all feels icky. My wife and I do not put a value on friendship and love. We are both agnostic/atheist but put high value on taking care of others. Our careers are ones that are based in public and emergency service, we chose this path knowing that money was less, but the social value was worth more to us.
I am not asking for anything in this post, only a way to vent with a group of people that are all facing inheritance in different ways. I cannot easily speak to those close to me about this. If it means anything I am late gen X and have always placed a strong value on independence and giving back to society for the fortune I have had, I want to earn anything I receive. I am a first born with poor relationship with my own parents and have always had to count on me. I hope that my experience is of interest or value to someone else, or even perhaps someone else has felt the same sadness I feel now and I know that I am not some sort of weird fool.
This is in Georgia, roughly 50 miles north of Atlanta.
Background: when we had our will drafted 25 years ago when our children were young, we got a phone price from two attorneys so we knew going in what the price would be. We chose the attorney who was more expensive because we knew more people who had used him. We had a lengthy consult with him to make decisions, he sent us home with some homework, and then he drafted a will for each of us for the agreed price.
Now our children are grown, and the executors we listed 25 years ago are no longer good options because they are very old, the will talks about guardianship of the minor children if something were to happen to both of us, etc. and so much of that is not relevant anymore that we thought it is time to just get a new will.
We have a recommendation for an attorney and when we contacted the firm about a consult, the paralegal wrote back and said it’s $375 for a consult, and once we consult with the attorney then we’ll find out the price of the will and the price of any other documents or trusts or any other protections we might want to add. I don’t mind the lawyer charging for his time for the consult, and I realize if you’re doing a trust or other things that the pricing might not be something they can quote upfront. But I’d really like to know the price of wills for a married couple (both wills would be identical). I don’t know if we would add any other documents, but i’d like to at least know the price range of doing wills for a married couple before we commit to the $375 consult fee.
Maybe I’m wrong. It has been 25 years since we’ve dealt with this, but for any of you who are an attorney or any of you who have had an attorney draft a will for you in the last few years, is this normal to not have any idea what the will will cost until you pay $375 to find that out?
US. I have been blessed with a “bonus grandma”, who, unlike my own family, has done well for herself. She, having no family of her own, has entrusted me and my sister to execute her will. I was never expecting to receive all of her money, but I was shocked to see nearly all her money is being donated to an expensive private university.
Is it right to open a discussion about decisions like this? I feel conflicted because on one hand, I’m happy she is able to do what she wants with her money. On the other hand, I fear this university has been predatory. Not to mention the president makes $500k per year, and yet the campus has crumbling, moldy buildings, lacks resources, etc.
It feels wrong though, because I think deep down I thought she would ensure me and my sister would be okay. We have no other prospects in our lives, and while we are working hard to end the cycle of generational trauma and financial issues, we will never be “set” so to speak. And I fear a future where anything we are able to save for ourselves will go towards taking care of elders who have not made plans for themselves.
I considered asking her plainly to reconsider her allocations. That this money would be life altering for me and my sister, and absorbed with little care to the university. We have a strong relationship, and I don’t think a conversation would hurt it, but you can never know for sure, I suppose. She also is generously including us in the form of small gifts, which I don’t want to seem ungrateful for.
Looking for advice from people wiser than me as I don’t have parents that can advise.
Edited to explain better (didn’t think it was super important), I am a co-trustee with my sister. All her assets are absorbed into the trust after we receive our gifts. There is no other “surprise I’ve taken care of you” clause. There are CDs, and I do not know who those go to.
Edited again: thank you for all your advice. I think now, my next steps are to continue to love and be there for her, even now knowing her plans. I think this will prove to both her and myself that I am not entitled or “tacky” as most of you say I am.
I think I misrepresented myself in the heat of some comments, but I could never explain the nuances of an entire relationship here, nor ask you all to understand that.
If the opportunity presents itself in the future, I will open the conversation with asking her to talk more about her decisions, rather than blatantly explaining my position in all this. Maybe this would even give me a better understanding and perspective that I don’t currently have.
Thank you again!
My 87 year old mother passed a month ago, leaving a large traditional IRA to my father who is 92.
Is there any reason he should create a new inherited IRA instead of merging it into his own?
They have both already been taking RMDs for years.
I appreciate any advice, or redirection to a more appropriate forum.
Edited to add:
Thank you all SO MUCH for your help, advice, and encouragement. My brother and I feel much better about our prospects, and have already identified a probate litigator to consult with about our trust. Once we know what our options are (force her to sell, force her to buy us out, force her to provide forensic accounting, remove her as trustee for lack of fiduciary duty, etc), we will let her know we have an attorney and are moving into legal proceedings.
My sister is the trustee of my dad’s trust. He died in 2020. He left my brother, sister, and I a third share each in a shopping center he owned. Dad told me the plan was for Sister to fill it and sell it, but for six years, she has refused to sell it, even though it’s been full. There’s a no contest clause also. So what can we do? State of Georgia.