Author Topic: Unequal inheritance - what would you do?  (Read 83606 times)

marble_faun

  • Pencil Stache
  • ****
  • Posts: 643
Re: Unequal inheritance - what would you do?
« Reply #250 on: July 02, 2019, 05:25:33 PM »
A long time ago I decided not to think at all about my parents' money.  I will probably inherit something, but I'm not counting on it in any real sense.  It's theirs to do whatever they would like with.  I don't let it shape my relationship to them in any way.

You can easily find yourself controlled by the idea of an inheritance.  Best to just imagine it doesn't exist and let the chips fall where they may.

Both my husband and I have siblings who are in much-worse financial shape than we are.  Both of them have accepted major financial assistance from our parents.  I'll be curious to see if this means they inherit more (because they need it) or less (because they've already gotten $$$) as a result.  But this is just a point of curiosity, not something I will worry much about.

profnot

  • Stubble
  • **
  • Posts: 100
Re: Unequal inheritance - what would you do?
« Reply #251 on: July 04, 2019, 04:47:12 PM »
OP - perhaps reading about my plans and reasons can provide someinsight for your situation -

I plan to leave my money to my relatives unevenly, according to need.

I am single with no children.  My sister has two sons, each with a family.  The older boy has a wife and 1 child.  The younger a wife and two children.

Both sons are in their 40s.  Both boys have high IQs.  The older loved school and college.  He and his wife have advanced degrees and are doing fine financially.  The younger hated school and barely graduated from high school.  Both sons and wives work hard at their jobs.

My sister hated school, I loved it.  Sis had a government career, which she hated.  But it had a good pension.

I plan to pay for the children's college, trade school, or other training to help them get decent-paying careers.  Then I will look at what is needed for Sis' and each couples' modest retirement and late life care costs. 

This will mean Sis and the younger couple will get more than the older couple.  This will be necessary with nursing homes and late life medical care costing horrendous sums of money now and only getting worse. 

The educated couple are part of the 10%.  Just because my Sis and the other couple are not, they don't need to suffer in retirement and late life.  I'm just glad I can help.

iris lily

  • Walrus Stache
  • *******
  • Posts: 5686
Re: Unequal inheritance - what would you do?
« Reply #252 on: July 05, 2019, 10:34:33 AM »
 DH is involved in a family trust. His remaining parent died six months ago. They have a small family farm that is owned in a trust where he and his four siblings have equal shares. I had just assumed everyone would want to sell except maybe for their younger sibling who actually runs the farm as a side job.  But nope it appears that that won’t happen. So DH is not going to see this money is significant amount for years, nearly half a million for his share.
« Last Edit: July 05, 2019, 10:39:02 AM by iris lily »

Villanelle

  • Walrus Stache
  • *******
  • Posts: 6685
Re: Unequal inheritance - what would you do?
« Reply #253 on: July 05, 2019, 12:44:04 PM »
DH is involved in a family trust. His remaining parent died six months ago. They have a small family farm that is owned in a trust where he and his four siblings have equal shares. I had just assumed everyone would want to sell except maybe for their younger sibling who actually runs the farm as a side job.  But nope it appears that that won’t happen. So DH is not going to see this money is significant amount for years, nearly half a million for his share.

He most likely can force a sale.  If the siblings want to each pay 1/4 of his 1/5, great.  If not, they need to sell. 

Cassie

  • Walrus Stache
  • *******
  • Posts: 7946
Re: Unequal inheritance - what would you do?
« Reply #254 on: July 05, 2019, 12:57:16 PM »
If I remember correctly he gets along with his siblings so I doubt he will force a sale.  Good thing you guys have lots of money IL and don’t need it.

iris lily

  • Walrus Stache
  • *******
  • Posts: 5686
Re: Unequal inheritance - what would you do?
« Reply #255 on: July 05, 2019, 01:23:57 PM »
If I remember correctly he gets along with his siblings so I doubt he will force a sale.  Good thing you guys have lots of money IL and don’t need it.
You are right, we don’t really need it, and frankly neither do his siblings except for the youngest who is the farmer. And you’re right that DH does not want to force any issue with his siblings really.

There are many points of view as to how this can go down, considering lots of information I haven’t put out here. But I think the siblings will stick together pretty much except for the Outlier sister who is always been the “bad sister “but she’s not even very bad, she just annoys them.And she has a Fair amount of money herself having inherited her husband’s mother’s farm, but her husband is in a nursing home so that costs something.
« Last Edit: July 05, 2019, 01:37:35 PM by iris lily »

bluebelle

  • Pencil Stache
  • ****
  • Posts: 647
  • Location: near north Ontario
Re: Unequal inheritance - what would you do?
« Reply #256 on: July 05, 2019, 02:29:42 PM »
this has been an interesting read.....people get crazy when there's money involved.   They also get pretty entitled....."that's not fair" etc.

I do think it is wrong for parents to not leave a written explanation if they've divided up assets unequally (assuming it isn't blatantly obvious).   My parents always wanted to be 'fair', their wills divided things evenly between my brother and I.   When Dad passed, everything went to Mom.  When she passes, it will be split between my brother and I, and I expect there will be no conflict.  I'm the one that will have to do all the processing, he'll go along with what I say and I know in my heart I'm more than fair.   (neither one of us 'needs' the money).  I fear he'll want to keep Mom's house (he stores stuff in her garage).  I have no desire to co-own a rental, but I also know he won't stay in the that city in retirement, so even if we do co-own it won't be for too many years.  I may just low ball the value of the house and have him buy me out.
My husband on the other hand is going to get 50% of his father's estate and each of his sisters will get 25%.  I'm assuming it's cultural - the 'man' should get more.  Will was written 30 years ago, he only saw it this year when his mother passed (so long before he was financially responsible).  He's not going to try and dissuade his father to change it, he is the executor, he'll just quietly split things 3 ways.   Unless his older sister pisses him off (so he says), but I will try and convince him to split it evenly.
Our will on the other hand.....we can't agree so we don't have one.....stupid stupid stupid.

iris lily

  • Walrus Stache
  • *******
  • Posts: 5686
Re: Unequal inheritance - what would you do?
« Reply #257 on: July 05, 2019, 07:39:51 PM »
Finally, on a somewhat unrelated note, I always kind of hate seeing MMMers talk about being "punished for being responsible" etc. Are you being responsible so you can have independence, freedom, security, and the ability to take care of those you care about? Or are you doing it for a gold star and a prize?

Oh,  I like gold stars and prizes, especially from my family.  It make me feel great.

:)

Gray Matter

  • Magnum Stache
  • ******
  • Posts: 3672
  • Location: Midwest
Re: Unequal inheritance - what would you do?
« Reply #258 on: July 06, 2019, 06:13:08 AM »
I don't think people understand how older people feel when their children act like its too much trouble to bother calling or visiting.  Why should they reward such behavior.   I often think that I am going to keep track of how many phone calls and visits I get and "pay" my kids via their inheritance accordingly.

I think you can do whatever you want with your money, but I don't like this approach at all, for several reasons.  One, it turns our relationship into a commodity, which...just feels gross to me.  Second, there are all kinds of practical/logistical reasons why one kid may visit more than another, including proximity, work schedules and demands, kid demands, physical and mental state, financial resources, spousal input, etc.  Third, sometimes the kid who visits more does it for selfish or freeloading reasons.  And sometimes, kids don't visit because the parents reap what they sowed.  When I hear older people complaining about adult children not visiting, I always wonder what has gone on in that relationship over the lifetime of the kid.  Was the parent there for them?  Accepting of them?  Was there neglect, abuse, cruelty?  Favoritism?  We can't possibly know, and to assume that the parent is deserving and the child selfish or neglectful...that's assuming an awful lot.  I tend to think if you've treated your children well and have a good, supportive, respectful, and empathetic relationship, and the relationship feels mutually-beneficial, they will WANT to visit you.  And if they don't...well, there might be good reasons.  (Not always, of course).

Bottom line:  These things are generally quite complicated and such a formulaic response does not take into account the many layers and reasons that kids visit or don't visit.

ender

  • Walrus Stache
  • *******
  • Posts: 7402
Re: Unequal inheritance - what would you do?
« Reply #259 on: July 06, 2019, 07:00:20 AM »
I must have missed this the first go around (or not have been a member).  Regarding ask your parents why the inheritance is not equal.  Might be a good idea but I'm not so sure if people will like the answer. My guess- not being a part of your parents lives could be a big reason why you might get less of an inheritance. I personally don't understand why someone who actually states in their OP that visiting their parents takes away from things they really want to do would  be surprised that their inheritance is less. If that is the reason would it be an "approved" reason to the younger generation.  I don't think people understand how older people feel when their children act like its too much trouble to bother calling or visiting.  Why should they reward such behavior.   I often think that I am going to keep track of how many phone calls and visits I get and "pay" my kids via their inheritance accordingly.  They will get an itemized receipt of x visits at $1000 a visit and x phone calls at $50 a phone call and fixing my toilet at a going rate.  You'll get a receipt and it will say what you did and that because of it your inheritance is x amount of money.  Does anyone think that would fly as a reason for giving an unequal inheritance?
I

If my parents said they were doing this, I'd seriously consider stopping all contact with them.


SwordGuy

  • Walrus Stache
  • *******
  • Posts: 8967
  • Location: Fayetteville, NC
Re: Unequal inheritance - what would you do?
« Reply #260 on: July 06, 2019, 09:04:53 AM »
I must have missed this the first go around (or not have been a member).  Regarding ask your parents why the inheritance is not equal.  Might be a good idea but I'm not so sure if people will like the answer. My guess- not being a part of your parents lives could be a big reason why you might get less of an inheritance. I personally don't understand why someone who actually states in their OP that visiting their parents takes away from things they really want to do would  be surprised that their inheritance is less. If that is the reason would it be an "approved" reason to the younger generation.  I don't think people understand how older people feel when their children act like its too much trouble to bother calling or visiting.  Why should they reward such behavior.   I often think that I am going to keep track of how many phone calls and visits I get and "pay" my kids via their inheritance accordingly.  They will get an itemized receipt of x visits at $1000 a visit and x phone calls at $50 a phone call and fixing my toilet at a going rate.  You'll get a receipt and it will say what you did and that because of it your inheritance is x amount of money.  Does anyone think that would fly as a reason for giving an unequal inheritance?
I

If my parents said they were doing this, I'd seriously consider stopping all contact with them.

Agreed.  Boundaries are important.   "Do what you want with your money in your will, but if you attempt to browbeat me with it again, we are done."

Money Badger

  • Pencil Stache
  • ****
  • Posts: 527
Re: Unequal inheritance - what would you do?
« Reply #261 on: July 07, 2019, 05:18:42 AM »
I must have missed this the first go around (or not have been a member).  Regarding ask your parents why the inheritance is not equal.  Might be a good idea but I'm not so sure if people will like the answer. My guess- not being a part of your parents lives could be a big reason why you might get less of an inheritance. I personally don't understand why someone who actually states in their OP that visiting their parents takes away from things they really want to do would  be surprised that their inheritance is less. If that is the reason would it be an "approved" reason to the younger generation.  I don't think people understand how older people feel when their children act like its too much trouble to bother calling or visiting.  Why should they reward such behavior.   I often think that I am going to keep track of how many phone calls and visits I get and "pay" my kids via their inheritance accordingly.  They will get an itemized receipt of x visits at $1000 a visit and x phone calls at $50 a phone call and fixing my toilet at a going rate.  You'll get a receipt and it will say what you did and that because of it your inheritance is x amount of money.  Does anyone think that would fly as a reason for giving an unequal inheritance?
I

If my parents said they were doing this, I'd seriously consider stopping all contact with them.

Agreed.  Boundaries are important.   "Do what you want with your money in your will, but if you attempt to browbeat me with it again, we are done."
+1 this (+ 1 gajillion times more)  Hoping/guessing the comments were in jest about an accounting system...   But I've certainly seen how infirm parents strike out at kids as I lived the sole care giver life for an extended period (years).   Boundaries are essential to keeping your spirit intact.    The more dependent your parent was on their parents financially, the worse it is since they won't understand why you aren't just bending to their will for inheritance reasons (no matter how B.S. crazy they have become).    In fact, the elder can (and will) become bitter and jealous of the independence of the child at this stage.    Here's a better idea... be genuinely a friend who is interested in your adult kids and just be proud of their accomplishments OR console (not criticize) their failures.    Amazingly, they will phone or come visit more often... Heck, they might even take good care of you when the chips are down!

Mini-Mer

  • 5 O'Clock Shadow
  • *
  • Posts: 64
Re: Unequal inheritance - what would you do?
« Reply #262 on: July 07, 2019, 06:02:33 PM »
I often think that I am going to keep track of how many phone calls and visits I get and "pay" my kids via their inheritance accordingly.  They will get an itemized receipt of x visits at $1000 a visit and x phone calls at $50 a phone call and fixing my toilet at a going rate.  You'll get a receipt and it will say what you did and that because of it your inheritance is x amount of money.  Does anyone think that would fly as a reason for giving an unequal inheritance?

LOL.  Might work if your kids don't get along?  In my case... we'd talk.  About whether we should have our beloved parent declared incompetent, and then how to make the scheme tolerable for all of us.  (Likely involving sharply reduced contact frequency from the 'good' kids to match the 'bad' kids, and for sure none of us would be fixing toilets.)  I suppose I'd be the "good" kid by this metric, but that would not survive an attempt to screw over my siblings.