Inheritance; Ballsy move

[Yadkin]

Here is the scenario.

“Ron” has 8 children with his first wife. A general contractor, he builds his dream house in 1970. They divorced after 15 years, and the settlement splits the house in half. Ron takes out a mortgage to pay her half and obtains full ownership.

Ron marries Beth in 1987. She has two surviving children. She sells her house and uses the proceeds to pay off the mortgage for Ron’s house, and he retains full ownership.

Ron dies in 2022. He had set up a trust for Beth to live in the house, and a substantial fund to pay all living expenses while she is alive. Beth dies in 2023, leaving most of the trust funds untouched. Their will splits the trust into ten equal parts to their surviving children.

Beth had additional funds unrelated to the trust, which she willed mainly to her two children, making the distribution more-or less fair. (Otherwise her side of the family would only receive 2/10’s of the estate.)

Two of Ron’s children live in the general area. They contact the remaining eight, stating that they would like to keep the house “in the family”, with the intention of forming a partnership to purchase it. The letter contains a non-binding poll with three choices:
1. Take your share of the trust (house value plus funds) in cash;
2. Donate your share of the house portion to the partnership;
3. Use your share in the house to finance and join the partnership.

The house has been valued at about 20% of the estate. So at first glance option 2 seems reasonable. I mean, why not, it’s your siblings...

[MadInNc]

What is the purpose of this post?

[Rikki Z-06]

Originally Posted by MadInNc

What is the purpose of this post?

[04 commemorative]

with post #2

[LATB]

House gets sold and those funds along with any other assets are distributed to the beneficiaries. Everyone moves on. Period.

[Rodnok1]

TLDR

[Swany00]

Originally Posted by LATB

House gets sold and those funds along with any other assets are distributed to the beneficiaries. Everyone moves on. Period.

and they all lived happily ever after, except for the one guy who wasn't mentioned....the OP

[Raazor]

No way I'm reading all that.

Yes, I'm bored.

Not THAT bored!

Cliffs?

[Big bob]

Yaddy is getting all excited about Baby Dolls money again.

[Vandelay Industries]

Didn't read.

And most likely....

[LATB]

Originally Posted by Swany00

and they all lived happily ever after, except for the one guy who wasn't mentioned....the OP

Any other scenario and it’s just the making of a Judge Judy episode.
It never works. Usually it’s one sibling who wants the house but can’t afford the house and he tries to convince the other siblings to keep it. Eff that. You want it you buy it.

[ZipZap]

8 way partnership for a house?

Who's gonna live in it? How can you ever get out?

NFW, plus it's like a couple hundred $k each at best. Family changing wealth!

[slewfoot]

Wifes dad passes 6 years ago, leaves all to mama.

Mama passes a year ago, Leaves all to my wife and her sister. $5mil estate

Nothing to brother because he's has money.

Brother is Executor. Charges 10% fee basically stealing $500k. Finds another $200k and keeps it.

My wife needed to payoff some taxes and needed brothers accountant. Brother okays this, tells his accountant and my wife and accountant both talk.

It all gets done and wife suckers accountant into emailing her the trust and all paperwork showing the entire paper trail without brothers knowledge.

My wife and her sis both on deed to house. To recoup some of the losses. wife places lien on house and forcing sale pissing off sis and brother. She will clear $500k in the deal.

Brother fires accountant he has had for 30 years.

Moral of the story is to never have a sibling or family member as an executor. None of them speak to each other anymore.

[Steve_R]

Originally Posted by Yadkin

Here is the scenario.

“Ron” has 8 children with his first wife. A general contractor, he builds his dream house in 1970. They divorced after 15 years, and the settlement splits the house in half. Ron takes out a mortgage to pay her half and obtains full ownership.

Ron marries Beth in 1987. She has two surviving children. She sells her house and uses the proceeds to pay off the mortgage for Ron’s house, and he retains full ownership.

Ron dies in 2022. He had set up a trust for Beth to live in the house, and a substantial fund to pay all living expenses while she is alive. Beth dies in 2023, leaving most of the trust funds untouched. Their will splits the trust into ten equal parts to their surviving children.

Beth had additional funds unrelated to the trust, which she willed mainly to her two children, making the distribution more-or less fair. (Otherwise her side of the family would only receive 2/10’s of the estate.)

Two of Ron’s children live in the general area. They contact the remaining eight, stating that they would like to keep the house “in the family”, with the intention of forming a partnership to purchase it. The letter contains a non-binding poll with three choices:
1. Take your share of the trust (house value plus funds) in cash;
2. Donate your share of the house portion to the partnership;
3. Use your share in the house to finance and join the partnership.

The house has been valued at about 20% of the estate. So at first glance option 2 seems reasonable. I mean, why not, it’s your siblings...

Originally Posted by slewfoot

Wifes dad passes 6 years ago, leaves all to mama.

Mama passes a year ago, Leaves all to my wife and her sister. $5mil estate

Nothing to brother because he's has money.

Brother is Executor. Charges 10% fee basically stealing $500k. Finds another $200k and keeps it.

My wife needed to payoff some taxes and needed brothers accountant. Brother okays this, tells his accountant and my wife and accountant both talk.

It all gets done and wife suckers accountant into emailing her the trust and all paperwork showing the entire paper trail without brothers knowledge.

My wife and her sis both on deed to house. To recoup some of the losses. wife places lien on house and forcing sale pissing off sis and brother. She will clear $500k in the deal.

Brother fires accountant he has had for 30 years.

Moral of the story is to never have a sibling or family member as an executor. None of them speak to each other anymore.

You two need a lesson on how to be brief.

[Mike Mercury]

[slewfoot]

Originally Posted by Steve_R

You two need a lesson on how to be brief.

^^^^^^ How's that?

[Steve_R]

Originally Posted by slewfoot

^^^^^^ How's that?

A huge improvement. Can you train Yaddie now please?

[dvarapala]

Originally Posted by Mike Mercury

My plan exactly.

[Newby]

Originally Posted by ZipZap

8 way partnership for a house?

Who's gonna live in it? How can you ever get out?

NFW, plus it's like a couple hundred $k each at best. Family changing wealth!

Friends in virtually same scenario.
Father dies, mother dies 15 years later, 6 children as even split bennies, home is a $1.8M part of estate.

After 5 years, 1 of them and a nephew live in the partnership home and all is well.

Of course the youngest of the 6 is 68 years old.

[Egnalf]

If it makes you feel better...older brother had run away and not been seen in years. Day of dad's funeral he came home and was seen leaving mo.'s house with boxes full of his inheritance by neighbors.....as we were burying him. That was 23 years ago, have heard from him since the greedy fk.