Estate Planning for Dummies

[ach60]

Estate Planning for Dummies,
Or tell us all the dumb ass shit you know has happened to you, or people you know because of piss poor or no estate planning.

I’ll start!

Example 1
Dad get’s remarried late in life, kids get screwed because Daddy didn’t leave a will.
A well off Father of three kids, first wife dies, leaves Father and three kids.
Ten years later Father re-marries. Father does not do any estate planning.
Step Mother(second wife) is also well off, but in absence of a will all estate goes to her.
Father’s 3 children get nothing.

Example 2
Daughter co-mingles her saving in the amount over $100,000 in Father’s Bank Account.
Father does not have estate planning, or any direction for his assets, or his Business which Daughter has been running.
Father Dies, Mother freezes all accounts, liquidate business out from under daughter,
And when Daughter protests, Mother absorbs all of Father’s Accounts into her own name.
Daughter gets screwed out of her life’s savings as well as Father Business.

Example 3
My Mom had a very rich Uncle. He died in 1972, before his wife, Aunt Lucy died.
Mom got a very nice Dining Room Table Set.
Mom said Uncle was worth more than 1 million dollars, but because he died first, “Drunk Aunt Lucy’s Family got Everything”

So don’t waste my time telling me that these thing can’t happen.
Plan your Estate, so the people you care about don’t get screwed!
Let’s hear your Stories……..
_________________
Good Luck
Al

[KTPhil]

I have two words for y'all: Living Trust.

[Q-Dog]

Quite possible in all of these examples it worked out exactly the way it was planned? Why exactly do any of these people deserve anything?

I expect nothing from my parents. I just hope to keep them around as long as possible.
_________________
Brian

'69 Dune Buggy
'69 Beetle Convertible
'70 Beetle

[busman78]

If your only sibling is Depressive with Schizophrenia tendencies make sure that the parents have not left that sibling as co-executor of the will, splitting 50/50 is fine, dealing with that sibling on every estate/probate will drive you crazy.

[Cusser]

[andk5591]

Just getting ready to revise our wills. Had met with a financial planner recently and learned a LOT about what happens. You have beneficiaries designated on 401Ks, and investment accounts. THAT takes precedent over a will. So, when you do this kind of planning, make sure you have the needed powers of attorney...There are different ones for different things.....do a living will, and all the other stuff that you need to have. If you work with a financial planner, they can work through all this stuff for you.

I was surprised that even though I thought I had this all sorted out, I didn't.
_________________
D-Dubya Manx clone - 63 Short pan,1914.
Rosie 65 bug - My mostly stock daily driver.
Woodie 69 VW woodie (Hot VWs 7/12).
"John's car" 64 VW woodie - The first ever
Maxine 61 Cal-look bug - Cindy's daily driver.
Max - 73 standard Beetle hearse project - For sale
66 bug project - Real patina & Suby conversion
There's more, but not keeping them...

[EverettB]

[TDCTDI]

In addition to a proper will, all of the parties should know what they are entitled to and have copies of that will before such an event so that there is no "what will?"/ "prove it." moment.
_________________
Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.


GOFUNDYOURSELF, quit asking everyone to do it for you!


An air cooled VW will make you a hoarder.


Do something, anything, to your project every day, and you will eventually complete it.

[Zundfolge1432]

I’ve seen it play out several times. One memorable occasion a friend of mine small business owner had a VW salvage yard and auto repair. In less than 24 hours someone broke into shop stole tools. His son in law came in and started crushing and selling all the VWs, they also brought in a trailer and ransacked the house. His other daughter got little, the business dissolved because neither of them kept the licenses current, great location grandfathered in could have sold as a turnkey operation. No will it went through probate and everything else sold for pennies on the dollar. Very sad indeed. When family member dies people turn real shitty. In other cases when siblings fight over assets the lawyers eat up inheritance in fees. Then there’s taxes, a living trust alleviates much of the problems but even then lawyers are only too willing to insert themselves into the fighting.

[[email protected]]

I couldn't agree more, we did all the wills, power of attorneys, etc., all at the same time, 1 neat bundle of documents,, along with copies for both kids. Before we left for our current extended vacation in the "Fatherland", we had our daughter come to the house, got it out, and went over it all to make sure there were no questions. She thought we were being a little morbid, but we made her sit thru it anyway. Our son lives in Ca., and has a copy also.

[Enkiel]

wonder if my story apply...

Mom filed for divorced with my dad, pretty much aiming at leaving him pennyless.
Dad commit suicide shortly after.
Mom inherit everything, except what money dad put aside and left for me at one of his uncle.
_________________
1964 Turkis Flipseat

[notchback]

I couldn't care less what happens to the money my parents and in-laws worked for. It's their money. If I don't get any, I'm fine. If I get some, I'm fine with that too. It's not mine. They can do whatever they want with it. I'm not counting on anything.
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[obus]

This topic stirs the pot for me. My Aunt who was widowed and childless wrote a will at some point where i was appointed the executer(sp). Well when she passed away, the will went missing while we went to the hospital. Her "friend" was seen at the house after calling us to tell us of her passing. Guess who was on a new will where she was named the owner of my aunts 2nd house? Said "best Friend". If i ever see that old coot in town i will slash all 4 of her tires and upon her eventually death i will deuce on her cemetary plot
_________________
July 1959 Mango Standard Bus aka Obus L346 L347 https://www.thesamba.com/vw/forum/viewtopic.php?t=256592&highlight=
June 1973 Pumpkin Orange Thing aka Othing L30H
https://www.thesamba.com/vw/forum/viewtopic.php?t=711775&highlight=
1960 Paprika Red Karmann Ghia Convertible aka Schatze L452 built 5/20/60
https://www.thesamba.com/vw/forum/viewtopic.php?t=...highlight=
66 21 window bus built 8/31/65 https://www.thesamba.com/vw/forum/viewtopic.php?t=777273

[Gurn Blanston]

[YDBD]

Living trust not the best.

Grandparents created one, I ended up as the benefactor and co trustee. Have to pay taxes on it every year at +39%, so if it made $1k, $390 in taxes. To file taxes it costs $400 through HR Block, the tax guy said get rid of the trust.

Not so easy, as I live overseas. Most banks and financial institutions do not accept Notary, they want a "Medallion Signature Guarantee" from there own office, and they won't do it unless you are a "valued" customer (long time). And some are not valid in other states, and laws vary state to state.

It took two years to finally close out everything and transfer to my name, even though I was the co trustee. I could not change the name on the accounts, I had to be there to do so. BUT I could just close the account and get a cashiers check. This is last year (hopefully) to file taxes.

I would put everything in a will and have it notarized. If you totally trust someone add their name to the account-but that doesn't always work either.

All be told, it's nice that my grandparents had money and it takes care of the kids education. I've told my kids don't expect $$ when I die, you'll get a sailboat and a dune buggy.
_________________
'56 pan Dune Buggy since '69
don't live in the past...but when I did:
'67 bug
'64 baja
'60 dune buggy
'73 Personenkraftwagen Type 182 "Thing"

[OB Bus]

Similar story. We have a will and trust. With three kids our story is "when we're gone divide by three, it is all yours." Simple, huh? Problem is that none of them want to talk about death. Too icky, I guess.

Life has been very good to us financially. Strange thing is that we would love to help each of them get into a house. Getting them to accept help is difficult. I recently told our daughter, "I may not live a long time (I'm 65) but your mother (age 63) is going to live to 90. Do you want to wait that long to get any benefit of our estate?" Daughter:" Don't talk like that!"

I would also suggest what I refer to as a "drop dead clause". Our wills state that if any beneficiary of our estate disputes any provision of the willl, their distributive share of the estate immediately goes to zero.

A much wiser person once said: "...you never really get to know someone until you share an inheritance with them." Oh, so true!
_________________
Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper.

[oprn]

Wow do I feel lucky! Mom passed away 2 years ago, the will said divide 5 ways for us 5 siblings. Not really a lot of money, just a few thousand each. I have heard nothing negative from any of us. I went as smooth as silk!

There were a couple sisters that could have demanded more and rightly so as they did the lion's share of the care in the last years being that they lived closer.

[bigdog1962]

Along those same lines, be sure you have an advance directive/living will or medical power of attorney.

I would choose the advance directive as I'm currently involved in a case where the son is choosing to seek every medical treatment possible for his father who is unresponsive - and it appears to be strictly for financial reasons. (His father gets a monthly retirement check). Make your wishes clear - don't leave it for someone else to decide.
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Oprn wrote: I'm getting to the age that any self propelled woman (no wheel chair or walker) looks HOT!! Oooo! look at that Babe! She made it from the dining room all the way to the TV room without help!! Hubba, hubba!!

[YDBD]

Exactly! Or a DNR, Do Not Resuscitate and make sure it's posted in the home.

It was easier having my name on the checking accounts, there are many bills to be paid after someone dies.

Order many official copies of death certificates, weird who wants one (cable company) and those that don't (utilities) or just a copy of the official works.

If the person was in debt and has no assets, those come in handy.
_________________
'56 pan Dune Buggy since '69
don't live in the past...but when I did:
'67 bug
'64 baja
'60 dune buggy
'73 Personenkraftwagen Type 182 "Thing"

[TDCTDI]