msmacc

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  • in reply to: Premarital Accounts/Step Adult Children #4016
    msmacc
    Participant

    Thank you for the reply.

    I do have a will.

    The only interest I receive is from a 150 K money market account and a 100 K CD. Interest is the pits as I’m sure you know. I don’t have much as my total assets only amount to roughly 275 K. I don’t own property and live in my husband’s house which he had prior to our marriage.

    I’d like to set up a trust for my two daughters but I don’t know if I could designate the money NOT go to a drug addict grandchild should my ill daughter pass. I would like to leave my total estate to my other daughter in that event. Is it possible to do this?

    I truly appreciate your time and suggestion. Thank you.

    in reply to: Inheritance Tax #3657
    msmacc
    Participant

    Thank you Lex.

    This inheritance is due to being 21 at the time his father died. The reason the heir refuses the settlement is because he feels if he does not accept it now, he would be entitled to the estate his mother will leave behind. The mother is trying to get this payment out of the way since their relationship is very rocky.

    No, this person isn’t disabled and is over 24 years of age at this time. Incidentally his mother does have a will.

    Thank you.

    in reply to: Usufruct # 2 #3648
    msmacc
    Participant

    I went to an attorney and got all the info I needed. Thanks

    in reply to: Usufruct # 2 #3639
    msmacc
    Participant

    BTW He has usufruct for “life.”

    in reply to: Usufruct # 2 #3638
    msmacc
    Participant

    You said, “For starters, we will assume that your husband owned one-half of the property outright when first wife died as his community interest and that he received a legal usufruct over the other half with the daughter automatically being the naked owner of that half. Is that correct?”

    Yes, that’s correct. There was a will giving him the “disposable portion of my estate. It being my intention to give my husband the maximum amount allowed by law.” And, “I bequeath to my husband usufruct of the balance of my entire estate.” And, “I authorize the usufructuary to dispose of non-consumables without the concurrence of the naked owners; and further, I authorize the usufructuary to reinvest the proceeds from the disposables of non-consumables in replacement non-consumables that continue to be subject to the provisions of law applicable thereto.” “Subject to the foregoing and to the payment of funeral and administration expenses I give and bequeath to my daughter,____, the balance of my estate, subject to the usufruct in favor of my husband.”

    The deceased wife had two adult daughters prior to the marriage to my husband; ages thirty five and thirty six when she died.

    Now for some really confusing (to me) statements, this comes into the picture; “In the event my husband ,____, predeceases me, (This did not happen), I direct my executor to sell xxxx, pay debts, etc., and split 50% equally between (the adult children) and the remaining 50% shall go into trust for ____, (the naked owner).”

    I was taken aback when you said the naked owner was entitled to 100% of her mom’s estate which would make her an equal partner with my husband. I thought it was 12 1/2 for one heir and 25% if two or more.

    I would rather not become legally tied to my husband’s property by getting a percentage of his share of his home. I made this clear when he purchased this property. I didn’t want to be on the deed. Too much legal hassle and far too much greed on the part of his daughter. If he predeceases me, I just want to live here and get out of Dodge when I pass without leaving a mess for my son.

    Now that I’ve confused you (just kidding!), my question is; is the usufruct my husband is giving me in his will be valid? As a totally lay person, I wouldn’t think so but had to ask so that I can start preparing for the loss of my home in the event my husband passes and his will is not valid. I’m too old to be going through all this mess! I wish the attorney had informed me of the details regarding usufruct.

    Thank you very much Bassnmaster!

    in reply to: Usufruct # 2 #3631
    msmacc
    Participant

    “(2) Should my husband predecease me, and since I am not on the deed, will my son, from my first marriage have the right to come into the home to retrieve my property? Is the forced heir be able to stop him? What steps can I take to make sure he can do this?”

    I’m sorry once again! Egg on my face! I neglected to state that my son would retrieve my property AFTER I have died.
    Thanks

    • This reply was modified 3 years, 4 months ago by msmacc.
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