Author Topic: Inheritance Drama: You Got Any? Stories Wanted.  (Read 280834 times)

radram

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1100 on: March 17, 2017, 07:14:23 AM »

For Vanguard accounts, you can call up a special department there and they'll run a report for you that does essentially the same thing.  Weirdly, in my state one gets a step-up in the entire basis (not just half of the account's basis) to value as of date of death.  I don't know why, but that's what I was told to do when I looked into it.


So are you saying if I create a joint account that is a ratio of a million to 1, and then the $1 dies, the million gets stepped up in cost basis? I smell loophole :)

What is your state?

 

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1101 on: March 17, 2017, 08:02:11 AM »

For Vanguard accounts, you can call up a special department there and they'll run a report for you that does essentially the same thing.  Weirdly, in my state one gets a step-up in the entire basis (not just half of the account's basis) to value as of date of death.  I don't know why, but that's what I was told to do when I looked into it.


So are you saying if I create a joint account that is a ratio of a million to 1, and then the $1 dies, the million gets stepped up in cost basis? I smell loophole :)

What is your state?

Idaho.

I think your "loophole" would work, but understand that the $1 person, while alive and a joint owner, has every right to sell "your" million and give it away or blow it on whatever.  It's also fairly easy to get a divorce in Idaho, and financials are usually split close to 50/50 regardless of who brings or earns the money, who does what with whom, and who decides to leave.
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Capsu78

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1102 on: March 31, 2017, 04:24:19 PM »

protostache

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1103 on: April 01, 2017, 08:53:05 AM »
This isn't even an inheritance story, it's just gross. My father in law recently entered a nursing home. Yesterday he accepted an offer on his house (above asking, no inspection contingency, woohoo!) but that means we have to start cleaning it out and picking what things the four kids want before the rest either goes to auction or dumpster. We have until May 28th.

My brother in law and his wife have, for the entire time I've known them, been salivating over this day and I don't really understand why. There's nothing of value left in the house other than furniture and a few paintings that the other three kids have already split amongst themselves. BIL has said "he'll take whatever's left" but we've been pretty clear that anything left has to go to auction so it can help pay for FIL's nursing home. There's some decent furniture that would probably generate $1000 or more after auction fees.

BIL, through various shenanigans, on short notice forced today to be the day when all of this happens so my wife went early this morning to rescue the few important family heirlooms still in the house and things FIL wants before BIL gets there. Shortly before she left, BIL texted my wife and said "whole family is coming" when the other three siblings had communicated just yesterday that it was to be a siblings-only thing so they could get stuff done without kids in the way.

Turns out the only reason the whole family is coming is so they could bring two cars to haul away more stuff. Stuff that should be sold at auction for FIL's benefit. BIL also lied to my wife about my sister in law telling him it was ok. SIL is just as surprised and appalled as my wife.

I'm disgusted with their behavior. The man isn't dead! He's less than half an hour away from the house! Are they going to go visit him in the nursing home? Of course not. They're going to pack up his things and take them back to their house where they can sell it all at their leisure on eBay and keep the money for themselves.

As she was leaving my wife said that after FIL passes away we probably will never talk to BIL or his family every again, which sucks because they're the geographically closest family we have and I would like my daughter to have a relationship with her cousins.

Tasty Pinecones

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1104 on: April 03, 2017, 10:58:46 AM »
Just an uplifting inheritance story (sarc) to bump this thread:

 http://www.dailymail.co.uk/news/article-4367858/Evil-son-50-burnt-sister-alive-jailed-27-years.html

That's horrible. I wished I had not read the link.

Protostache: I guess "free" goes a long, long way for some people. I've seen some people get unreasonably giddy about "free". Someone ought to remind BIL point blank that this sale is of FIL's things to fund the FIL's care and not to serve as a windfall for someone else. BIL may have zero social awareness beyond his own greed. 

You could host the cousins in the future so that your kids have a relationship with their cousins. Try to minimize time with the rest of the flawed family.
« Last Edit: April 03, 2017, 11:04:43 AM by Tasty Pinecones »

protostache

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1105 on: April 03, 2017, 02:16:29 PM »
Protostache: I guess "free" goes a long, long way for some people. I've seen some people get unreasonably giddy about "free". Someone ought to remind BIL point blank that this sale is of FIL's things to fund the FIL's care and not to serve as a windfall for someone else. BIL may have zero social awareness beyond his own greed.

You could host the cousins in the future so that your kids have a relationship with their cousins. Try to minimize time with the rest of the flawed family.

BIL doesn't care. My wife has repeatedly pointed out that the money goes to FIL's care, but his retort (which makes a sick kind of sense) is that Medicaid is going to kick in at some point anyway so any money we raise this way doesn't matter and nobody else really wants much of anything so he should just get to take it all.

A sick little addendum: turns out BIL also asked the neighbor about taking back the very nice snowblower FIL gifted to him. Neighbor came around yesterday when BIL wasn't there and told us all about it, just to make sure it was still his! We wouldn't have ever known if the neighbor hadn't said anything.

AlanStache

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1106 on: April 03, 2017, 03:17:53 PM »
Protostache: I guess "free" goes a long, long way for some people. I've seen some people get unreasonably giddy about "free". Someone ought to remind BIL point blank that this sale is of FIL's things to fund the FIL's care and not to serve as a windfall for someone else. BIL may have zero social awareness beyond his own greed.

You could host the cousins in the future so that your kids have a relationship with their cousins. Try to minimize time with the rest of the flawed family.

BIL doesn't care. My wife has repeatedly pointed out that the money goes to FIL's care, but his retort (which makes a sick kind of sense) is that Medicaid is going to kick in at some point anyway so any money we raise this way doesn't matter and nobody else really wants much of anything so he should just get to take it all.

A sick little addendum: turns out BIL also asked the neighbor about taking back the very nice snowblower FIL gifted to him. Neighbor came around yesterday when BIL wasn't there and told us all about it, just to make sure it was still his! We wouldn't have ever known if the neighbor hadn't said anything.

Sorry for your situation re BIL.  Is your family and the other siblings families estates properly setup to defend from BIL?


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SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1107 on: April 03, 2017, 04:57:52 PM »

BIL doesn't care. My wife has repeatedly pointed out that the money goes to FIL's care, but his retort (which makes a sick kind of sense) is that Medicaid is going to kick in at some point anyway so any money we raise this way doesn't matter and nobody else really wants much of anything so he should just get to take it all.

If you are sick and tired of dealing with BIL and you are the executor, call the police and have him arrested for burglary.




protostache

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1108 on: April 03, 2017, 06:02:13 PM »
Protostache: I guess "free" goes a long, long way for some people. I've seen some people get unreasonably giddy about "free". Someone ought to remind BIL point blank that this sale is of FIL's things to fund the FIL's care and not to serve as a windfall for someone else. BIL may have zero social awareness beyond his own greed.

You could host the cousins in the future so that your kids have a relationship with their cousins. Try to minimize time with the rest of the flawed family.

BIL doesn't care. My wife has repeatedly pointed out that the money goes to FIL's care, but his retort (which makes a sick kind of sense) is that Medicaid is going to kick in at some point anyway so any money we raise this way doesn't matter and nobody else really wants much of anything so he should just get to take it all.

A sick little addendum: turns out BIL also asked the neighbor about taking back the very nice snowblower FIL gifted to him. Neighbor came around yesterday when BIL wasn't there and told us all about it, just to make sure it was still his! We wouldn't have ever known if the neighbor hadn't said anything.

Sorry for your situation re BIL.  Is your family and the other siblings families estates properly setup to defend from BIL?

My wife and I have a very good will that unfortunately we just recently updated, otherwise we would update it to remove BIL and family from one of the contingencies where they're named (if all of us die simultaneously the estate gets split amongst all of siblings to avoid the default estate rules). My other BIL I believe has things set up properly. He's a banker so I would be surprised if they hadn't. SIL does not, as far as we know, have anything set up.

If you are sick and tired of dealing with BIL and you are the executor, call the police and have him arrested for burglary.

That's the thing though. FIL isn't dead! He's very much alive, so the executor angle doesn't really come into play. Other BIL has power of attorney but he's not going to call the cops. The actual valuables are out of the house so he's just damaging his relationship with the rest of us now.

shelivesthedream

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1109 on: April 09, 2017, 04:44:00 AM »
I wrote a will today. Well, a draft. I'm going to sit on it for a while and check I haven't missed anything out. But I just wanted to say how much this thread had helped! It's a simple will, but I've put in what happens if we have children, if any of them are under eighteen, if any of them have died and have a surviving spouse or children (including children adopted under the age of sixteen!)... And I've kept it simple: sell everything and split the money. If anyone wants to buy anything, it's at full market value and counts as part of their share. If more than one person is interested in something, they have six months to come to an agreement about who it is or it gets sold by a third party and the money divided.

protostache

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1110 on: April 09, 2017, 06:36:41 AM »
I wrote a will today. Well, a draft. I'm going to sit on it for a while and check I haven't missed anything out. But I just wanted to say how much this thread had helped! It's a simple will, but I've put in what happens if we have children, if any of them are under eighteen, if any of them have died and have a surviving spouse or children (including children adopted under the age of sixteen!)... And I've kept it simple: sell everything and split the money. If anyone wants to buy anything, it's at full market value and counts as part of their share. If more than one person is interested in something, they have six months to come to an agreement about who it is or it gets sold by a third party and the money divided.

I would humbly suggest running your will past an estate attorney in your jurisdiction prior to signing it. If they're reviewing what you've already written it shouldn't cost a whole lot and you'll have more confidence that it won't be contested for some weird technical drafting error when the time comes.

Reynold

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1111 on: April 11, 2017, 12:47:39 PM »
I would humbly suggest running your will past an estate attorney in your jurisdiction prior to signing it. If they're reviewing what you've already written it shouldn't cost a whole lot and you'll have more confidence that it won't be contested for some weird technical drafting error when the time comes.

Though just a warning, a lot of attorneys will charge more for reviewing your will than doing their own.  They have already put time into figuring out what boilerplate and contingencies they need in their own document for that state, and can delegate most of the "fill in the blank" stuff to their paralegals once they interview you.  If they have to read YOUR document, they actually have to see if it covers everything their's does from scratch.  And as you say, there can be state specific things.  Georgia, for example, requires that the witness to the will show up in court to testify that they witnessed it UNLESS there is a specific statement waiving that in the will.  Good luck tracking someone down 20 years after they witnessed your will. . .

Spork

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1112 on: April 11, 2017, 03:18:56 PM »
I would humbly suggest running your will past an estate attorney in your jurisdiction prior to signing it. If they're reviewing what you've already written it shouldn't cost a whole lot and you'll have more confidence that it won't be contested for some weird technical drafting error when the time comes.

Though just a warning, a lot of attorneys will charge more for reviewing your will than doing their own.  They have already put time into figuring out what boilerplate and contingencies they need in their own document for that state, and can delegate most of the "fill in the blank" stuff to their paralegals once they interview you.  If they have to read YOUR document, they actually have to see if it covers everything their's does from scratch.  And as you say, there can be state specific things.  Georgia, for example, requires that the witness to the will show up in court to testify that they witnessed it UNLESS there is a specific statement waiving that in the will.  Good luck tracking someone down 20 years after they witnessed your will. . .

Not exactly this, but we had to do something very similar with my FIL.  In his case, we had to track down one of the 3 witnesses and get a signed/notarized statement from them.  This is better than appearing in court, but tracking down someone in another state from 40 years ago... still sucks.  And it was all due to wording in the will.
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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1113 on: April 11, 2017, 10:24:39 PM »

BlueHouse

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1114 on: April 12, 2017, 09:10:50 AM »
I wrote a will today. Well, a draft. I'm going to sit on it for a while and check I haven't missed anything out. But I just wanted to say how much this thread had helped! It's a simple will, but I've put in what happens if we have children, if any of them are under eighteen, if any of them have died and have a surviving spouse or children (including children adopted under the age of sixteen!)... And I've kept it simple: sell everything and split the money. If anyone wants to buy anything, it's at full market value and counts as part of their share. If more than one person is interested in something, they have six months to come to an agreement about who it is or it gets sold by a third party and the money divided.
Your distribution scheme sounds like mine did.  Then someone pointed out that forced sale under my estate rather than letting property go to an heir could cost a lot in stepped-up cost basis. 
My attorney pointed out a few things that made things much simpler for me:
1.  I'm young and healthy.  I'm likely to write many more wills before I die.  So stop trying to account for every contingency, and just get on with it.  (don't try to figure out who gets what IF I have children or if A, B, and D, but not C predecease me.)
2.  I trust the person(s) I've named as executor.  Let them figure out whether to sell my personal property when the time comes. 

This advice made me stop worrying and let me just get on with things.  I'm covered.  My heirs are covered.  Is it perfect?  No, but it's good enough and it's done. 
Sometimes nothing can be a real cool hand

iris lily

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #1115 on: April 12, 2017, 10:16:45 AM »
I wrote a will today. Well, a draft. I'm going to sit on it for a while and check I haven't missed anything out. But I just wanted to say how much this thread had helped! It's a simple will, but I've put in what happens if we have children, if any of them are under eighteen, if any of them have died and have a surviving spouse or children (including children adopted under the age of sixteen!)... And I've kept it simple: sell everything and split the money. If anyone wants to buy anything, it's at full market value and counts as part of their share. If more than one person is interested in something, they have six months to come to an agreement about who it is or it gets sold by a third party and the money divided.
I agree, having somethIng in place is much better than having nothing.

We are still slagging though the mechanics of "populating our trust" and it taught me to c solid aye accounts. We have too many fooking financial instruments. Ugh.
Your distribution scheme sounds like mine did.  Then someone pointed out that forced sale under my estate rather than letting property go to an heir could cost a lot in stepped-up cost basis. 
My attorney pointed out a few things that made things much simpler for me:
1.  I'm young and healthy.  I'm likely to write many more wills before I die.  So stop trying to account for every contingency, and just get on with it.  (don't try to figure out who gets what IF I have children or if A, B, and D, but not C predecease me.)
2.  I trust the person(s) I've named as executor.  Let them figure out whether to sell my personal property when the time comes. 

This advice made me stop worrying and let me just get on with things.  I'm covered.  My heirs are covered.  Is it perfect?  No, but it's good enough and it's done.