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re: Question for married folks - receiving inheritance
Posted on 7/21/19 at 6:17 pm to pioneerbasketball
Posted on 7/21/19 at 6:17 pm to pioneerbasketball
He’s married to tigerdroppings and it’s been a solid relationship for over 10 years.
0
Posted on 7/22/19 at 10:17 am to SlowFlowPro
We generally try to keep it separate.
My wife's inheritance from her grandmother was in a testamentary trust, and for the purchase of our house we jointly took out a loan from the trust rather than having the funds distributed and creating confusion. So it's a community debt that we both owe to her trust, but the trust property itself stays completely separate.
My wife's inheritance from her grandmother was in a testamentary trust, and for the purchase of our house we jointly took out a loan from the trust rather than having the funds distributed and creating confusion. So it's a community debt that we both owe to her trust, but the trust property itself stays completely separate.
Posted on 7/22/19 at 8:03 pm to SlowFlowPro
We bundled but always have. With that said, wife manages daily, household expenses and I keep up with investments, retirement matters, etc
Posted on 7/22/19 at 8:29 pm to SlowFlowPro
I came into a large lump sum inheritance at 34. It is harder than you think not to commingle. I paid off the house and bought some land so automatically that complicated things. Also my wife takes some offense to me referring to that money as mine and not ours. Money can easily lead to arguments if not careful. I just don’t plan to get divorced.... worst case we do and I come into the second half of my inheritance as a single man. This isn’t an easy question and if you do keep it separate do you not spend it on yourself so as to not share?
This post was edited on 7/22/19 at 8:31 pm
Posted on 7/23/19 at 7:27 am to bayoudude
quote:
This isn’t an easy question and if you do keep it separate do you not spend it on yourself so as to not share?
well that's why I was posting about possibly just investing 100% of it into a separate retirement account. there are issues with the fruits, but the principal is 100% separate and in no way commingled
if there is no divorce, then the joint/community retirement is increased by that much.
Posted on 7/23/19 at 8:44 am to SlowFlowPro
quote:
well that's why I was posting about possibly just investing 100% of it into a separate retirement account. there are issues with the fruits, but the principal is 100% separate and in no way commingled
pretty easy to file a declaration of paraphernality also. does not require spousal consent. this eliminates the fruits problem. anybody with a significant inheritance should file one as a matter of course imo.
to the guy asking about inheriting separate property, it all goes to the children, regardless of age, unless will declares otherwise. in that instance, the age of the children could be relevant.
Posted on 7/24/19 at 12:11 pm to SlowFlowPro
SFP, doesn't the following seem to be the easiest way to share some of the wealth without co-mingling entirely?
Let's say Husband A gets a $2 million inheritance. His wife makes 80K a year as a nurse and he makes 100K as an attorney. They are doing fine but want to pay off their mortgage. Let's say the mortgage is 150K. They have a joint savings account with 50K in it, as well as their own 401Ks from their employers.
The Husband puts his 2 million in a new, separate account and takes 150K out to pay off the mortgage. Ultimately, if things go sideways he will lose his 150K, but the remaining 1.85 million is not co-mingled.
It seems worth it in his case to potentially lose 75K (he was always going to pay his own share, so I am not calling it a real loss) to a) pay off the mortgage and b) maintain more than 90 percent of his inheritance without any co-mingling.
Let's say Husband A gets a $2 million inheritance. His wife makes 80K a year as a nurse and he makes 100K as an attorney. They are doing fine but want to pay off their mortgage. Let's say the mortgage is 150K. They have a joint savings account with 50K in it, as well as their own 401Ks from their employers.
The Husband puts his 2 million in a new, separate account and takes 150K out to pay off the mortgage. Ultimately, if things go sideways he will lose his 150K, but the remaining 1.85 million is not co-mingled.
It seems worth it in his case to potentially lose 75K (he was always going to pay his own share, so I am not calling it a real loss) to a) pay off the mortgage and b) maintain more than 90 percent of his inheritance without any co-mingling.
Posted on 7/24/19 at 12:26 pm to Keys Open Doors
quote:
SFP, doesn't the following seem to be the easiest way to share some of the wealth without co-mingling entirely?
Let's say Husband A gets a $2 million inheritance. His wife makes 80K a year as a nurse and he makes 100K as an attorney. They are doing fine but want to pay off their mortgage. Let's say the mortgage is 150K. They have a joint savings account with 50K in it, as well as their own 401Ks from their employers.
The Husband puts his 2 million in a new, separate account and takes 150K out to pay off the mortgage. Ultimately, if things go sideways he will lose his 150K, but the remaining 1.85 million is not co-mingled.
It seems worth it in his case to potentially lose 75K (he was always going to pay his own share, so I am not calling it a real loss) to a) pay off the mortgage and b) maintain more than 90 percent of his inheritance without any co-mingling.
With modern technology and record keeping its much easier to avoid co-mingling than it was historically...the purchase history of any individual share of stock is exponentially easier to trace than it was even a few decades ago...unless you are turning over your holdings at a super-aggressive rate then even a shared brokerage account isn't that hard to track (it's the switching classes of assets where things get messy).
Even in your scenario, the income generated in the separate account would be community property so the commingling issue still exists unless all dividends etc. from the account are distributed (but again, it's not that hard to track the separate property portion).
This post was edited on 7/24/19 at 12:26 pm
Posted on 7/24/19 at 12:56 pm to Keys Open Doors
quote:
The Husband puts his 2 million in a new, separate account and takes 150K out to pay off the mortgage. Ultimately, if things go sideways he will lose his 150K, but the remaining 1.85 million is not co-mingled.
yeah that wouldn't create co-mingling outside of the 150k, imho (i'm not an expert in the area though)
Posted on 7/24/19 at 1:22 pm to SlowFlowPro
For now, we are keeping the real estate separate however the income generated from rent on the properties we treat as community property. My wife has an inheritance stake in a valuable piece of property that will be selling in a few months.
We will make it all community down the road especially if a piece she has a stake in sells because it will be a large sum of money. We look at it equally. Her inheritance is substantially more than mine however my retirement is substantially more than hers.
We will make it all community down the road especially if a piece she has a stake in sells because it will be a large sum of money. We look at it equally. Her inheritance is substantially more than mine however my retirement is substantially more than hers.
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