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URL:  http://boards.fool.com/wradical-rad-interesting-because-i-actually-30098619.aspx

Subject:  Re: This doesn't make sense to me Date:  6/15/2012  12:52 PM
Author:  JAFO31 Number:  5625 of 5741

Wradical:

(rad:) Interesting because I actually read it as not so hot DIY estate planning

There are two concerns I saw - it didn't say trust and there are issues for non-married couples that need to be specifically addressed.

"No, it didn't specifically say there was a trust, and maybe it's all still on the drawing board, so to speak, as it sounds from the OP like the home sales are pending.

But I scratched my head, trying to think what other device would do just what the OP described, and I thought that was probably the best way."


Several observations:

It is father's money and OP is not entitled to an inheritance, so OP's anxiety - "What doesn't make sense is that if my father dies I have to wait for a stranger to me (his girlfriend) to die before I receive what is my inheritance." seems misplaced to me. Father's girlfriend is not a stranger to father and father could choose to leave her the entire estate; or he could marry her, and then she would be OP's stepmother and not a stranger to OP (and fatehr could still leave her the entire estate).

Second, without reference to a trust, I also read DIY estate planning that likely leaves the blood relative(s) of the first to die, SOL.

Holding title as tenants in common probably does not accomplish father's and girlfriend's wishes either. The heir of the first to die could probably request partition and force a division of the cash and a sale of the property.

In addition, except for not getting married, this sounds to me like the text book resolution for a blended family situation, contrary to what OP first wrote.

Depending upon the monetary values we are discussing, there may be potential estate tax issues lurking because there is an unlimited marital deduction (generally speaking, assuming both spouses are US citizens), but girlfriend is not "wife" for purposes of the unlimited marital deduction.

Regards, JAFO
(concerned that OP may not be too happy with my response)

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