Your Final Acts

[Jethro Bodine]

Slightly off topic….I had a confidential discussion with a well known SP many years ago how a generous client bequeathed his entire estate to her and left his wife/children with nothing. She felt bad for the widow, and decided to pay for the funeral costs to help her out. I’m guessing the SP is doing well financially, because shortly after she told me this, she retired. So yeah, estate planning can be a double edged sword…especially if you’re not in the will and get no inheritance.

If this was in Canada his family could have easily contested that Will. It's not so easy as to "cut" a spouse out of your Will as one may think. Most Canadian provinces have very clear cut rules on the distribution of one's estate especially if married. Within reason, regardless of what one may put in their Will, anything that is considered a marital asset automatically goes to the surviving partner. Many families may allow, not contest, certain irregularities such as the husband giving a son his prized Corvette or a daughter his coin collection becasue the family members get along but if Mom wanted to be a bitch, she could block these. Exceptions include life insurance that has someone else listed as beneficiary or trusts set up well in advance of that person's death. This prevents people from being able to make irrational decisions, for a variety of reasons, anger or spite being a couple, that would adversely affect the financial well being of the surviving spouse. If they were divorced that would change things but that also depends on the length of time the couple has been divorced and the terms of that divorce (alimony, child support, etc).
If his wife didn't fight it she should be suing her lawyer for malpractice.
Cheers
J

 

[Jethro Bodine]

I'm following my Dad's advice. He always told us that he was planning on living long enough to become a financial burden to his children
Although he's not quite there yet. That damn indexed pension of his keeps messing up his plans. LOL
Cheers
J

 

[westwoody]

Unfortunately my family blew apart after my dad died. Years later my siblings and I are still estranged.
We had a family meeting in 1993, everything was agreed on and will was written. I would have been coasting on a nice trust fund.
Mom died and dad rewrote his will without telling anyone. When he died a big chunk went to a woman he had been seeing for years behind Mom’s back.
Close childhood friends who are very successful lawyers tried to help but in the end it was futile. A lot of money was given to his favourite charities. The only thing any of us got was a gold Rolex my dad willed to me. Brother and sister got nothing at all. Ever since, my brother and sister are sure dad and I connived to cheat them out of anything.

This stuff can really hurt feelings and ruin families.

 

[Jethro Bodine]

This stuff can really hurt feelings and ruin families.

Sorry to hear about this WW. Sad when these things happen. Unfortunately yours is not a unique story. I've seen more than a few families torn apart arguing over both large and small estates.
I know someone who hasn't spoken to a sibling for years over who got a china cabinet when their Mom died.
Cheers
J

 

[Pantherdash]

Ever since, my brother and sister are sure dad and I connived to cheat them out of anything.

This stuff can really hurt feelings and ruin families.

It's also very tacky and in extremely poor taste! Families shouldn't split up over material possessions. How utterly disappointing!

Sorry it had to come down to that, westwoody!

Panther

 

[masterpoonhunter]

The break up of families over estate issues is common and goes back as far as wealth accumulation has been a thing. Almost doesn't matter the estate value, it comes into play with so many.

Back in the mid 2000's, a good buddy of mine and his wife were pressed into being the end of life caregivers for his dad who had been battling cancer and was on the way out. Long ish story but cutting to the chase, his mom, (the wife) passed 3 years earlier. They were in a 55+ assisted living place. They both had a lot of friends in this place that really was a departure lounge as folks checked out regularly. Anyway about a year after the Mom died, one of the friends and the Dad started hanging together. Dad started his slide and she stayed by him. About 6 months prior to his end, my buddy asked Dad about her, his affairs etc and the comment from both of them was "what's mine is mine, hers/his is hers/his". So 6 weeks before Dad died, they get married. Talk about fucking up the game. New will, she gets written in, blah blah. Since it was 6 weeks, Dad on deaths bed, the whole thing could have been annulled. But my buddy and one of his brothers both good guys, said well the 'widow' needs something and they agreed that something like $60K plus his car plus a few odds etc was good and she agreed. The sister and other brother though said Fuck Her, she gets nothing and is a gold digger. Talk about a shit show as the whole thing got all lawyered up. Bottom line she ends up getting a fifth that was about a quarter mil and they had to pay her legal costs). Just the past couple years my friend and the sister started talking, the other brother nada.

So I have been working on my estate the past while and want to avoid as much of this crap as is humanly possible. It is not trivial when you have built a business with shareholders, have got your shit back together after losing more than half in the big D some time ago and have kids. I have 2 wills. One, personal that will be subject to probate and I am trying make that as minimal as possible and the other for the business not subject to probate. The issue at hand now is how to not leave a massive tax bill so using insurance is on my plate. But I think the biggest deal will be to not get swayed on the way out to do something stupid like marry the 40ish year old regular cleaning lady with the smokin hot bod, that comes by every couple weeks for our regular maid session. Which is very fucking hot if anyone cares to know.

At some time, see y'all on the other side!

 

[80watts]

Now I think families are going on the "throw out" if did not use in the last 6 months scheme.... Declutter.

I think that is a way of getting away from the material goods. In the end its about the money.

But here is the catch. The kids that have worked to achieve things in their life, are more likely to not give a fuck about depending on the parents will to supply them with an inheritance. Kids that don't try to achieve, are more likely to want the inheritance.

Its nice to get a windfall from an inheritance, but don't depend on it or expect it. If you are the fav of your rich childless uncle, don['t depend on inheriting your uncle's money. Something about reaping what you sow.....

 

[Jethro Bodine]

The issue at hand now is how to not leave a massive tax bill so using insurance is on my plate.

Smart. Buy an insurance policy that will pay the tax hit.
Cheers
J