"I Don't Want My Estate Going To My Wife's Kids!"
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- Опубліковано 12 чер 2024
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In this video I’m going to discuss the little-known, but most important decisions, a married person needs to make when they want to leave an inheritance for their surviving spouse, but they don’t want those assets to end up in the hands of their step-children - to the exclusion of their own children.
So here’s what I hear often, “Paul, my wife and I are in our mid-60’s. We got married about ten years ago and we each have two children - I have two of my own and she has two of her own. I’ve accumulated several millions of dollars of assets. And if I die before my wife, I really want and need to leave a significant portion of my estate for my wife because she’ll need money to live off of and who knows what kind of long term care needs she may have. And while I get along with her two children, I certainly don’t want to leave a bunch of assets to my wife, and then my surviving wife would turn around and leave those assets to her two children - I don’t want anything going to my wife’s children - I’d like to see my two children ultimately wind up with all of my estate that’s left behind after me and my wife die.”
So the married person who puts little thought into this often makes a big mistake. Husband dies leaving his $5 million estate to his wife - because he loves his wife and wants to provide for her. But then after Husband dies, wife - of course - decides to leave her estate to her children only - including the $5 million that she inherited from her husband - or, what’s left of it. Husband’s children wind up with nothing.
So it’s common knowledge in the inner estate planning circles that when a married person is in a second or third marriage and each spouse has children of their own, and a married person wants to provide for their spouse, it’s common for that married person, as part of their estate planning, to leave all or part of their estate to a trust. The concept goes something like this, “I’m going to leave all or part of my estate to a trust for my wife. My wife will be able to receive distributions from the trust, and when my surviving wife later dies, the remaining trust assets will revert back to my children.”
But you can’t stop there. We’ve got to take a look at some of the decisions that you make when you do establish a trust like this for your spouse.
0:00 You Don't Want Your Estate Going To Your Stepkids
0:21 Each Spouse Has Their Own Children
1:12 The Big Mistake
1:37 The Spousal Trust
2:17 Designating a Trustee or Co-Trustees
4:13 Surviving Spouse as Income Beneficiary
5:43 When Can Spouse Get Principal Distributions?
6:36 The Bottom Line
Not necessarily. Trusts allow you to bypass probate and that’s a good thing
Thank you for the info. One of my friends father set something like this up. He and his wife each had three children from previous marriages. When her father died, they were only allowed a few things of their fathers that their stepmother gave to them. Her children got pick of things. Thank goodness he set up the trust that she could not change anything otherwise I think that she would have changed it and left everything to her own kids. When the stepmother died, her children got first pick of things again including what the stepmother had kept of their fathers items. At least they got their share of the money.
Good stuff as always. So you are MISSING video related to this video. How does a prenup work related to a estate planning? It seems the prenup lawyers are not the estate lawyers. Can you give us the 10,000 foot to these concepts?
We don’t have millions but still don’t want anyone taking things from my kids
PAUL👋 QUESTION: If you never "adopted" or had your 2nd husband's children live with you... Do you still have to "affirmatively" disinherit them... I guess I am asking, is there a requirement to "disinherit" stepchildren if you had never adopted them ⁉ 🙏 For another great video 💪 LOVE your old podcasts too ❤
what if talk to kids and spouse
33% daughter
33% son
34% miney in trust to spouse then when spouse dies 17% goes to your daughter's kids and 17% goes to your son's kids
Sounds like you shouldn't have married that person.
Completely agree!
What if the husband doesn't have kids and he married, the wife and the wife has kids and the husband doesn't want his money to go to his subchildren is not possible. Can he do that if the husband doesn't have kids and family?
Great topic.
Hi there, thank you for all your content. Would you be able to decider the meaning of this verbiage in a will I am PR over for my Uncle?
All his siblings and sibling in laws are passed and he had no children. His wife passed 5 years ago.
Please excuse the grammatical errors, this has been copied exactly how it was written in his will. Even stirpes was spelled as stripes.
Everything was left to 3 siblings and 3 siblings in laws.
***"However, if any of the aforementioned should fail to survive me then I hereby direct that they share shall be divided between their issue per stripes."***
Since only nieces and nephews are alive (14 total) does the estate get evenly distributed between all the nieces and nephews.....
Or does it get evenly divided between deceased siblings and then divided per their stirpes?"
I am struggling with the way it is worded as well as the run on sentences.
Very good info.
Make 2 different trusts.
Separation of the future problems before they happen '$.
Please explain how I can have assets in the trust that don’t belong to my spouse. Because it’s my understanding that what’s mine is hers? I’m confused.
I'm fully aware of this exact thing. My grandmother's step kids where looking at trying to take my grandmother's estate for their selfs and to screw my family over. Well lucky her husband died first and all they got was his assets of what little there was. The biggest asset my grandmother had was her duplex which she owned long before she got married to him. They where a couple for decades before they actually got married because if she married before she turned 55 she would have lost my grandfather's death pension that she was living on for many decades as he died before any of us grandchildren where ever born. I dont know about now days but back in the 60s unions had it where if you died your spouse would get your full pension as if you had lived to full retirement age aka 55 but if you remarried before you your self turn 55 you lose it all. So my family turned a blind eye to her living in sin for the practical thing of her receiving our grandfather's pension.
See how people are. 🙄 theres plenty to divide equally. Selfish- never accepted her children as his. Trustee issues sound like a fight for life.
One word: QTIP
Great advice! I need to find an estate, trust & will professional, just as good as you in my area! If you can make any referrals, let me know. Great videos, thank you Sir! 👍
Our national estate planning law firm website: aeplawyers.com/
To request a no-cost zoom estate planning design meeting: aeplaw.cliogrow.com/intake/7176090c4db516b907aa7ed491d9a8de