How to leave $ to Married son only.

[Cheeronandon]

What is the name of your state? (live in PA.)
My son is married 15 years but in a rocky marriage.
Is there any way that I can leave my assets to him that will not have to be legally shared with his wife?
Thank you for any and all input!

(I am aware of legal obligation, that everything acquired after married is split 50/50 in event of divorce)

 

[Ohiogal]

What is the name of your state? (live in PA.)
My son is married 15 years but in a rocky marriage.
Is there any way that I can leave my assets to him that will not have to be legally shared with his wife?
Thank you for any and all input!

(I am aware of legal obligation, that everything acquired after married is split 50/50 in event of divorce)

Wrong. Inheritances are considered separate property.

 

[Cheeronandon]

Wrong. Inheritances are considered separate property.

Thank you! Does that still apply if they remain married?

 

[PayrollHRGuy]

Thank you! Does that still apply if they remain married?

If they remain married how money is spent is the decision of the couple.

 

[adjusterjack]

Inheritances are considered separate property.

Until they are comingled with marital assets and lose their separate identity.

Is there any way that I can leave my assets to him that will not have to be legally shared with his wife?

A spendthrift trust (google it) comes to mind, where your assets can be converted to cash and the money doled out in small amounts with a provision that anything left goes to him after his divorce or elsewhere upon his death. You are likely to have to hire a trust administrator to handle the funds after your death.

 

[t74]

It is important to educate your son as to the importance of keeping his inheritance separate from their funds. This includes how to handle real estate if that is included.

 

[xylene]

You really want to carry your grudge against your son for his life choices beyond the grave?

 

[LdiJ]

Until they are comingled with marital assets and lose their separate identity.



A spendthrift trust (google it) comes to mind, where your assets can be converted to cash and the money doled out in small amounts with a provision that anything left goes to him after his divorce or elsewhere upon his death. You are likely to have to hire a trust administrator to handle the funds after your death.

As long as the son is aware that he is permitted to keep inherited assets separate and to not comingle them with marital property it shouldn't be necessary to have that kind of trust.

 

[not2cleverRed]

As long as the son is aware that he is permitted to keep inherited assets separate and to not comingle them with marital property it shouldn't be necessary to have that kind of trust.

It depends on what is meant by "rocky marriage".

If the marriage is "rocky" because the wife has trust issues, he might comingle his assets just to "prove" his love/trustworthiness. If OP perceives that this is the case, then AJ's advice about a trust is spot on.

If the marriage is "rocky" because the son and his wife both have strong personalities but are otherwise sensible (I have a sibling like that), then a trust might not be necessary.

 

[Taxing Matters]

Thank you! Does that still apply if they remain married?

Inheritances are generally not considered marital property at the time received. What happens from there depends on what your son does with what he inherits. He can take steps to have it remain his separate property if he chooses. While you can use a trust to bottle up the money as AdjusterJack suggested that also means that while it's in the trust your son can't make any use of it. And no matter what plans you make, once a distribution is made to your son you lose control of it and it's up to him to decide what to do. Your son isn't likely to thank you much for bottling up the money in a trust that only makes small distributions to him on the premise of keeping it out of his wife's hands. He can keep it from her himself if he wants. But if he loves her and wants to share it with her he'll resent your mistrust. I've seen that with a number of clients. So consider the possibility that going that route may mean his last impressions of you leave a bit of a bitter taste for him and tarnish his view of you.

 

[t74]

His wife should be reminded to keep her inheritances separate as well. If there has already been the situation where she comingled her inheritance with family funds, I see justifiably hard feelings by his wife.

 

[Cheeronandon]

Thank you for all your interesting comments and advice!

his wife is spoiled, irresponsible, and a spendthrift with no regard for how hard my son works. In addition, she has not been nice to me thru the years and it makes me sick to think she will benefit from my hard earned assets.
(He would probably put inheritance in joint marital account).
—Is it possible to make a trust to state that he deposit inheritance in separate account with his name only? ( What he does after that will be up to him).

ty

 

[xylene]

his wife is spoiled, irresponsible, and a spendthrift with no regard for how hard my son works.

This boils down to you don't approve of your son's wife. Of 15 years at that.

You could give your money to charity if it real bothers you that much.

That's making it explicit you hate you son for his life choices instead of trying to be controlling from beyond the grave.

I get the impression you're not very nice to them either.

 

[Cheeronandon]

This boils down to you don't approve of your son's wife. Of 15 years at that.

You could give your money to charity if it real bothers you that much.

That's making it explicit you hate you son for his life choices instead of trying to be controlling from beyond the grave.

I get the impression you're not very nice to them either.

Wow, you are not nice.
I was just asking a question.

 

[Just Blue]

Wow, you are not nice.
I was just asking a question.

And Xy was just advice with a little perspective.