Estate Planning: Zero Inheritance
VIDEO TRANSCRIPTION – Estate planning, zero inheritance. I’m gonna share a story from our client files. As I’m talking to clients about tax strategies, we often get on the topic of trust as well as wills. And I share roughly a few stories, which one of them.
I’m gonna share with you today. Had a client father, he wound up marrying another woman. The other woman had three sons of her own. The father had his daughter, along with the grandchild. In the estate planning side of it, they all agree that since she moved into her husband’s house, the father’s house, that the daughter would inherit the house
.Hi I’m Steven D. Cooper, also known as Coach Coop, Cooper’s Accounting Service, because your financial freedom matters. If you’d like more great tax tips, download our popular financial guide at our website, yourfinancialfreedommatters.com, or click on the link below.
Once again, zero inheritance. The daughter’s father died before he had a chance to change his trust. After the funeral, things settled down. The daughter went politely to her stepmother, which she loved, but she was just as equal as her mom. She said, you know, father wanted me to have the house.
She said, you’re right When I get a chance, I’m gonna go and change this trust so that you would be the sole owner of the house. Because I know that my husband, your father, wanted you to have the house. Daughter said, okay. Well, she would bring this up roughly on the anniversary of her father’s death. Mom said, I get to it, I get to it.
Sadly, mom never got a chance to get to it. She died. So when she died, mom’s closest living relatives were her three sons because she never adopted the daughter. And because she never adopted the daughter legally, a marriage ended. It’s like a contract. Divorce or death, it ends the contract. So the three brothers inherited the house.
They netted over $800,000 and did not give their sister
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