How Can I Cement My Inheritance?

[Jack Monzon]

What is the name of your state (only U.S. law)? Colorado

My parents are in their mid 70s. I'm 42. I have one brother (age 45) who has been a constant burden to our family (drugs when he was a teenager, kicked out of expensive colleges, stole money from them, etc.). My parents have given him untold amounts of money for various other things, including his current house (I'm guessing they gave him $150,000 or so). They have told me in private that they aren't going to leave anything to him because they gave him so much money for his house, and they also told me that they're leaving everything else they have to me. They live close to each other in California; I live in Colorado. I'm afraid he is going to somehow trick them into changing their mind on this when they're more vulnerable than they are now, and I would like to lock this in while they're still mentally competent. I know nothing about this and could use a point in the right direction. I'm not sure what type of funds they have their money in, but could find out. Thanks.

 

[tranquility]

A person has no heirs until he's dead. There is no way to cement your inheritance. To make sure none goes to brother, parents can gift things to an irrevocable trust with you as the beneficiary and allowing them rights to income and other distributions from it. I suspect that would be more of a hassle and more costly than the estate really requires.

 

[Zigner]

The easiest way to accomplish what you ask is to help your parents come up with an estate plan that totally leaves you out. It's not your money anyway, so what does it matter?

 

[Jack Monzon]

A person has no heirs until he's dead. There is no way to cement your inheritance. To make sure none goes to brother, parents can gift things to an irrevocable trust with you as the beneficiary and allowing them rights to income and other distributions from it. I suspect that would be more of a hassle and more costly than the estate really requires.

Got it. Thank you.

The easiest way to accomplish what you ask is to help your parents come up with an estate plan that totally leaves you out. It's not your money anyway, so what does it matter?

Didn't follow that all, but thanks for the effort.

 

[Zigner]

Got it. Thank you.



Didn't follow that all, but thanks for the effort.

The EASIEST way to cement the amount of money you get once your folks die is to ask them to not give you anything. That way you aren't expecting anything.

 

[Jack Monzon]

The EASIEST way to cement the amount of money you get once your folks die is to ask them to not give you anything. That way you aren't expecting anything.

Thanks for understanding the spirit of the question.

 

[Silverplum]

What is the name of your state (only U.S. law)? Colorado

My parents are in their mid 70s. I'm 42. I have one brother (age 45) who has been a constant burden to our family (drugs when he was a teenager, kicked out of expensive colleges, stole money from them, etc.). My parents have given him untold amounts of money for various other things, including his current house (I'm guessing they gave him $150,000 or so). They have told me in private that they aren't going to leave anything to him because they gave him so much money for his house, and they also told me that they're leaving everything else they have to me. They live close to each other in California; I live in Colorado. I'm afraid he is going to somehow trick them into changing their mind on this when they're more vulnerable than they are now, and I would like to lock this in while they're still mentally competent. I know nothing about this and could use a point in the right direction. I'm not sure what type of funds they have their money in, but could find out. Thanks.

I've never seen this question before today.

 

[tranquility]

I've never seen this question before today.

Is is unique, isn't it?

 

[Dandy Don]

Ask them if they have had a will prepared and was it reviewed by a probate attorney for correctness and to see if it actually spells out their intended desires. The will should have a clause in it that expresses their desire for you to have everything and that your sibling was well provided for financially during the parents' lifetime. If they have any assets where they can designate who the beneficiary should be, that they should designate your name as a beneficiary.