How should asset distribution work for my estate? 9 Answers as of July 11, 2013I am 78 and I want to give some of my children money now, but I don't want the others to lose out on this portion when I die. here is an example of what I want to avoid. If I had 2 sons and I split my property in half and give one son his half now, after I die I don't want that son to be able to fight for the half left over. Example 2: If I have 20,000 dollars and want to give one son his 10,000 now but the other son does not need it now, how can I give first son his 10k and second son 10k after death. I just don't want one son to get money now and then be able to fight for entire estate later. He would then get more than the other.
Apple Law Firm PLLC | David Goldman
You can handle this in a will but you might need to be careful making gifts at your age because it could make you ineligible for nursing home coverage for a period of 5 years. You should discuss your situation with an estate planning lawyer who deals with elder law issues also.
Answer Applies to: Florida
Ashman Law Office | Glen Edward Ashman
What you want to do can be done with a well drafted will (or possibly a trust). Given the size of the amounts, a will would be the less expensive option. Any lawyer who is knowledgeable about wills and estates should be able to help with this.
Answer Applies to: Georgia
The Coyle Law Office | T. Andrew Coyle
You have a few options: (1) set up accounts for each son and if you make a gift to one son, make a matching gift to the account for the other son. The other son has no obligation to use that gift now (and you don't even have to tell him about it), but this way you know there are equal funds already set aside; (2) indicate the gift you made in your will and state that you want that gift to be considered an advance on his inheritance and to be discounted from whatever gifts he would normally receive; (3) set up a trust which indicates that all gifts given to either son have been recorded on a separate document signed by you and that those gifts are to be considered an advance of any trust funds they might otherwise receive. Ultimately, you may want to discuss this with an attorney as there are more facts that would be needed before determining your best course of action.
Answer Applies to: Illinois
Law Office of Richard B. Kell | Richard B. Kell
In order to prevent one of your children from "double-dipping," your Will must have language that specifically states how one child has already received his share in lieu of any inheritance or, in the alternative, whether there should be an off-set against his portion. If you are in need of an estate planning attorney to draft such a Will, please feel free to contact my office. My rates for simple Wills are very reasonable.
Answer Applies to: Massachusetts
Burnham & Associates | Stephanie K. Burnham
You will need to put it in writing that the gift you give now is an advancement and is to count against any share in the future. You also so amend your Last Will & Testament or Trust to reflect that an advancement has been made and how much.
Answer Applies to: New Hampshire
The Schreiber Law Firm | Jeffrey D. Schreiber
Provide in the will that one son has already received his share and therefore the disproportionate distribution after death to the other son is due to this. You should consult with an estate planning/wills attorney to make sure the correct language is included in your will or trust.
Answer Applies to: California