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Post by smsmith on Mar 1, 2017 20:14:13 GMT -6
I believe NH is saying the estate plan indicated his wife and her sister would receive any funds upon their father's death...until he remarried. Now, I'm guessing the estate plan indicates she (second wife) get's everything upon his death.
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Post by Freeborn on Mar 1, 2017 20:18:20 GMT -6
I believe NH is saying the estate plan indicated his wife and her sister would receive any funds upon their father's death...until he remarried. Now, I'm guessing the estate plan indicates she (second wife) get's everything upon his death. Sounds like this new wife has also turned their father against his own children in favor of the new wife. Probably manipulating him as he doesn't do well defending himself.
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Post by MoBuckChaser on Mar 1, 2017 20:25:33 GMT -6
I believe NH is saying the estate plan indicated his wife and her sister would receive any funds upon their father's death...until he remarried. Now, I'm guessing the estate plan indicates she (second wife) get's everything upon his death. Yep, thats how it works! Unless she dies first, then it may go back to his daughters!
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Post by smsmith on Mar 1, 2017 20:31:15 GMT -6
I believe NH is saying the estate plan indicated his wife and her sister would receive any funds upon their father's death...until he remarried. Now, I'm guessing the estate plan indicates she (second wife) get's everything upon his death. Yep, thats how it works! Unless she dies first, then it may go back to his daughters! It works however the estate holder(s) say it works (or how they direct their attorneys to say it works in writing). You are correct, in the end it may still end up going to his daughters...or it may end up going to 2nd wife's children...or it may get divided between all of them...or it may be donated to the Scientologists It is pretty shitty IMHO. If the first wife wanted things done in a certain way, my belief is those wishes should be honored if at all possible. I'd also guess that such a situation could set up for problems down the road if one or both of the daughters decided to contest.
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Post by MoBuckChaser on Mar 1, 2017 20:38:17 GMT -6
Yep, thats how it works! Unless she dies first, then it may go back to his daughters! It works however the estate holder(s) say it works (or how they direct their attorneys to say it works in writing). You are correct, in the end it may still end up going to his daughters...or it may end up going to 2nd wife's children...or it may get divided between all of them...or it may be donated to the Scientologists It is pretty shitty IMHO. If the first wife wanted things done in a certain way, my belief is those wishes should be honored if at all possible. I'd also guess that such a situation could set up for problems down the road if one or both of the daughters decided to contest. Yep, I see it all the time, nothing in writing, get it in writing, I don't care what someones wish's are. Sad but the way life works!
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Post by smsmith on Mar 1, 2017 20:43:08 GMT -6
That's just it, it was in writing.
Ultimately, it comes down to the father to do the right thing.
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Post by nhmountains on Mar 1, 2017 20:57:40 GMT -6
I believe NH is saying the estate plan indicated his wife and her sister would receive any funds upon their father's death...until he remarried. Now, I'm guessing the estate plan indicates she (second wife) get's everything upon his death. Yep, thats how it works! Unless she dies first, then it may go back to his daughters! Well, that's if they remain healthy and don't go into a nursing home/assisted care. The estate plan was to prevent that. I feel bad for him in that he burned a bridge with the other daughter and some of his first wife's siblings. My wife will stand by him. He's the type of guy that won't last long in a nursing home situation. For his sake I hope it never comes to that.
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Post by Foggy on Mar 1, 2017 21:01:51 GMT -6
Yep, thats how it works! Unless she dies first, then it may go back to his daughters! It works however the estate holder(s) say it works (or how they direct their attorneys to say it works in writing). You are correct, in the end it may still end up going to his daughters...or it may end up going to 2nd wife's children...or it may get divided between all of them...or it may be donated to the Scientologists It is pretty shitty IMHO. If the first wife wanted things done in a certain way, my belief is those wishes should be honored if at all possible. I'd also guess that such a situation could set up for problems down the road if one or both of the daughters decided to contest. It's one of the reasons they make trusts with the agreement that the spouse cannot take the 1/2 of the decendants dough. I think its the way law should be......but to each their own. My siblings were brutal over this issue.....and wrong. Dumbasses.
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Post by nhmountains on Mar 1, 2017 21:02:45 GMT -6
That's just it, it was in writing. Ultimately, it comes down to the father to do the right thing. Yeah. It was all in writing and setup legally. I don't want to get into the new will part too much. We weren't planning on any of their estate for retirement. I wanted to point out that things can happen after a spouse or parent passes that weren't in the family plans to begin with.
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Post by smsmith on Mar 1, 2017 21:05:25 GMT -6
That's just it, it was in writing. Ultimately, it comes down to the father to do the right thing. I wanted to point out that things can happen after a spouse or parent passes that weren't in the family plans to begin with. Yup, no doubt about that...
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Post by MoBuckChaser on Mar 1, 2017 21:17:33 GMT -6
That's just it, it was in writing. Ultimately, it comes down to the father to do the right thing. What was in writing? The old man had to give the kids, the wifes half of their assets upon her death? Never ever have heard of anything like that in my life.
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Post by smsmith on Mar 1, 2017 21:24:38 GMT -6
That's just it, it was in writing. Ultimately, it comes down to the father to do the right thing. What was in writing? The old man had to give the kids, the wifes half of their assets upon her death? Never ever have heard of anything like that in my life. We have it set up right now that my stepkids get my wife's life insurance. While that wouldn't be half of our assets, it insures they'd get something. Protecting assets from going to the nursing home (for the surviving parent) would be one big reason to have children receive assets upon the death of one parent.
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Post by nhmountains on Mar 1, 2017 21:25:43 GMT -6
That's just it, it was in writing. Ultimately, it comes down to the father to do the right thing. What was in writing? The old man had to give the kids, the wifes half of their assets upon her death? Never ever have heard of anything like that in my life. Nope, the main assets were already signed into a trust that had to be dissolved to please the new wife.
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Post by MoBuckChaser on Mar 1, 2017 21:30:16 GMT -6
What was in writing? The old man had to give the kids, the wifes half of their assets upon her death? Never ever have heard of anything like that in my life. Nope, the main assets were already signed into a trust that had to be dissolved to please the new wife. Main assets were in what kind of trust? That was never mentioned before or I missed it.
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Post by Freeborn on Mar 1, 2017 21:34:22 GMT -6
What was in writing? The old man had to give the kids, the wifes half of their assets upon her death? Never ever have heard of anything like that in my life. Nope, the main assets were already signed into a trust that had to be dissolved to please the new wife. Depending on the assets it to bad they were not put in a irrevocable trust. That way upon the death of the spouse the new spouse could not get at the assets. This particularly works well with physical assets like farms, houses, cabins etc. Father could still used these assets but not sell them.
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