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Started By
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re: Splitting inheiritance/death settlement for my daddy
Posted on 8/10/15 at 4:02 pm to gingerkittie
Posted on 8/10/15 at 4:02 pm to gingerkittie
Part A - He had also received a sizable settlement from having mesothelioma which was given to him, wife 3 and the 2 minor kids years before he died and was gone by the time he died. [/quote]
Part B - Because dad died of the meso/lung cancer - there is another payout due to his heirs and we need to figure a way to split it fairly. It has been sitting in limbo for YEARS and younger sibling could really use it now.
We are going to say that total amount is $1,000,000
We are also going to assumed that Wife 3 and 2 minor kids received $300,000 prior to the death of your father.
split evenly amongst 6 blood children, so $166,666.67 per kid. However, two minor kids already got $100,000 prior to death, so that comes out of their share.
Youngest 2 get $66,667
Older 4 get $216,667
Part B - Because dad died of the meso/lung cancer - there is another payout due to his heirs and we need to figure a way to split it fairly. It has been sitting in limbo for YEARS and younger sibling could really use it now.
We are going to say that total amount is $1,000,000
We are also going to assumed that Wife 3 and 2 minor kids received $300,000 prior to the death of your father.
split evenly amongst 6 blood children, so $166,666.67 per kid. However, two minor kids already got $100,000 prior to death, so that comes out of their share.
Youngest 2 get $66,667
Older 4 get $216,667
This post was edited on 8/10/15 at 4:04 pm
5
Posted on 8/10/15 at 4:05 pm to gingerkittie
was this the successions question on the July 2015 Bar Exam?
Sounds like he had a will. Funds should go as set forth in the will's residuary clause.
Wow
quote:
When he died, he left his house to his 3rd (current) wife.
Sounds like he had a will. Funds should go as set forth in the will's residuary clause.
quote:
Dad was married 3 times and had 6 kids, 1 stepkid
Wow
Posted on 8/10/15 at 4:06 pm to Rouge
quote:But she told her daddy she didn't want anything: Youngest 2 get $66,667.... Oldest 3 get $288,000
Older 4 get $216,667
Posted on 8/10/15 at 4:06 pm to Rouge
quote:
However, two minor kids already got $100,000 prior to death, so that comes out of their share.
Why would that come out of their share?
Posted on 8/10/15 at 4:07 pm to gingerkittie
Pretty sure you are the sort of ginger even I wouldn't hit.
Posted on 8/10/15 at 4:07 pm to Mung
quote:
Funds should go as set forth in the will's residuary clause.
Assuming there is one.
Posted on 8/10/15 at 4:09 pm to Rouge
The tortoise will win the race.
Posted on 8/10/15 at 4:09 pm to undrafted
quote:because the money is based upon his ailment. none of the other four children received that benefit prior to death of their father, so it comes out their share to even the money value of the situation amongst all the children
Why would that come out of their share?
The value, as i noted it, is 1.2 million. The two youngest kids already received a portion of their value years earlier.
Posted on 8/10/15 at 4:13 pm to gingerkittie
Wow, so apparently your dad was rich and got lots of sex.
Good for him.
Good for him.
Posted on 8/10/15 at 4:13 pm to Rouge
quote:
because the money is based upon his ailment
I am not a lawyer so I am not claiming to be correct I am just curious.
Why would the two checks not be treated differently because one was pre death and the other post death. Which state's laws are you applying?
Posted on 8/10/15 at 4:14 pm to gingerkittie
6 natural born kids get 1/6th share of what is left.
Usually people give 50% to current wife and 50% to all kids. But he could give 100% to wife and you don't get shite.
Since you are asking, I'll assume there was no will. Therefore it is up to your state laws.
Fyi. Non kid gets nothing. She/he has their own dad's inheritance.
Adopted C&D are still legal heirs.
Prior settlements have no impact on estates.
Usually people give 50% to current wife and 50% to all kids. But he could give 100% to wife and you don't get shite.
Since you are asking, I'll assume there was no will. Therefore it is up to your state laws.
Fyi. Non kid gets nothing. She/he has their own dad's inheritance.
Adopted C&D are still legal heirs.
Prior settlements have no impact on estates.
Posted on 8/10/15 at 4:17 pm to Mahootney
personal injury funds are separate property of the injured spouse. if not addressed in the will, sounds like acknowledged kids should split.
Posted on 8/10/15 at 4:17 pm to gingerkittie
Why is it like going to a carnival side show when observing trashy people fighting over their dead parents hovels?
Posted on 8/10/15 at 4:17 pm to undrafted
quote:i am not counsel, attorney nor esquire
Why would the two checks not be treated differently because one was pre death and the other post death. Which state's laws are you applying?
just trying to go by what is fair
in my situation, $1.2 million was distributed to kids because their dad got sick. To me, why should the younger kids get to double dip because of time of birth? because they did not get as many years with their dad? perhaps.
Posted on 8/10/15 at 4:19 pm to Mahootney
quote:
Usually people give 50% to current wife and 50% to all kids. But he could give 100% to wife and you don't get shite.
If no will!
This in the State of Louisiana
Posted on 8/10/15 at 4:22 pm to gingerkittie
quote:
well except for that one evil one
she is going to tie most of it up in legal fees
I don't know what the law says in this situation if no will but I'll go with that early and save money
Posted on 8/10/15 at 4:22 pm to Rouge
quote:
To me, why should the younger kids get to double dip because of time of birth? because they did not get as many years with their dad? perhaps.
I'm not applying fair I'm applying inheritance laws. If anything is not accounted for in the will, which should have a residue funds clause but I'm assuming it does not, goes to heirs via forced heir ship.
Posted on 8/10/15 at 4:29 pm to fishfighter
Normally I would weigh in on this, but I don't practice in LA.
Posted on 8/10/15 at 4:29 pm to gingerkittie
Every one of your fathers kids should get an equal share.
All 6. The only real question is #7 that was not his. (What do you think he would do about #7 if he were here.
Anything less than equal is BS no matter how its justified.
All 6. The only real question is #7 that was not his. (What do you think he would do about #7 if he were here.
Anything less than equal is BS no matter how its justified.
Posted on 8/10/15 at 4:30 pm to gingerkittie
I looked into my crystal ball and saw many lawyers in your future.
They will get most of the estate.
Ask if all who are in line for a part would agree to binding arbitration, then find an estate arbitrator.
They will get most of the estate.
Ask if all who are in line for a part would agree to binding arbitration, then find an estate arbitrator.
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