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Thread: inheritance question

  1. #1
    Senior Member alan's Avatar
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    inheritance question

    I admit this is a morbid topic, but it came to me because I have many elderly relatives, some of whom may have me in their wills. Being that there is only so much money a person can take in per year and keep his benefits, and these relatives aren't wealthy enough to leave me an amount that would make me financially independent, they'd likely leave me just enough to mess with my benefits and not make a real difference in my life. How would I handle such a bequest? Contact the executor and say I couldn't accept the bequest, or is there a way I could accept it without losing benefits?


    Alan

    "Was it over when the Germans bombed Pearl Harbor?"

    [This message was edited by alan on 09-27-04 at 08:19 PM.]

  2. #2
    Alan: If you have a special needs trust foundation, then I believe your relatives could bequeath directly to you. I suggest talking with an attorney who specializes in this area.

    PN

  3. #3
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    I just posted this link recently to an article about trusts. Take a look at it. And lawyers definitely need to be consulted to handle the best way.

    http://www.forbes.com/fdc/welcome.shtml

    Deb

  4. #4
    Senior Member alan's Avatar
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    I don't currently have a special needs trust, as all property is in my mother's name (I live in her house.) A trust is set up for the future, when I'm by myself, so I can get the house, and whatever else she leaves.

    Close relatives have died during my 23 years of quadhood, but they knew to leave any bequests to my mother. The relatives I'm worried about are more distant and don't know to do that (heck, I may be worrying about nothing, as I don't know I'm in any of their wills, but I thought I'd be safe and ask in case I am.)

    Alan

    "Was it over when the Germans bombed Pearl Harbor?"

  5. #5
    Don't even let the estate make a check out to you. Consult the executor of the will and ask them if they can send/buy product, supplies, clothes, a car, a cruise whatever for a fee, either that or ask them to make it to someone else. (This would apply if it's only a couple thou) I consulted a lawyer on setting up a trust and she said it might cost 5k just to do that, so make sure it's worth it.

    J.

  6. #6
    Alan - you may also want to consider a charitable remainder trust.

    Good luck.

  7. #7
    Senior Member alan's Avatar
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    While I'm on the subject, any more good sites and advice to make sure the trust that is set up for my future is done right? I'm in Maryland, BTW.

    As for future inheritances, if worst comes to worst, guess I could always refuse to accept any that would mess things up.

    Alan

    "Was it over when the Germans bombed Pearl Harbor?"

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