Re: Splitting Mom’s inheritance with step dad
[Re: Landon]
#7573440
04/30/22 11:24 AM
04/30/22 11:24 AM
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Joined: May 2011
Posts: 16,600 Oakland, MS
yotetrapper30
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Joined: May 2011
Posts: 16,600
Oakland, MS
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Could you take the total, and divide it by 3. The you and your bro each chip in enough to equal that third? For example, say there was 300k. You and your brother both got 150k. If each of you gave 50k then everyone would have 100k. Unless you think that's too much?
~~Proud Ultra MAGA~~
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Re: Splitting Mom’s inheritance with step dad
[Re: Landon]
#7573462
04/30/22 11:55 AM
04/30/22 11:55 AM
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Joined: Jan 2019
Posts: 6,672 Wabash, IN USA
Flipper 56
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Does he get the house? She left it to you and maybe she felt like everything else was enough for him but wanted to help her kids with money.
"Where Can A Man Find Bear Beaver And Other Critters Worth Cash Money When Skinned?"
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Re: Splitting Mom’s inheritance with step dad
[Re: Diggerman]
#7573470
04/30/22 12:08 PM
04/30/22 12:08 PM
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Joined: Aug 2021
Posts: 1,473 Over there.
Flicker Shad
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Over there.
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Your moms wishes are just that. She gave you that money, big or small, her wishes were for you to have it. She put your names on the policy for a reason. After that, if you feel the need to share YOUR money with your step father, go for it. I agree.
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Re: Splitting Mom’s inheritance with step dad
[Re: Landon]
#7573473
04/30/22 12:18 PM
04/30/22 12:18 PM
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Joined: Sep 2016
Posts: 6,581 MB
Jurassic Park
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That’s a tough one. I guess it would depend on how long was he your step Dad for.
Did he help raise you and your brother from young? Did he recently marry your Mom and you and your brother were grown and moved out?
Cold as ice!
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Re: Splitting Mom’s inheritance with step dad
[Re: Diggerman]
#7573483
04/30/22 12:34 PM
04/30/22 12:34 PM
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Joined: Mar 2019
Posts: 1,497 Southern NJ
maintenanceguy
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Your moms wishes are just that. She gave you that money, big or small, her wishes were for you to have it. She put your names on the policy for a reason. After that, if you feel the need to share YOUR money with your step father, go for it. Just what I was going to say. I think it's good of you that you want to look out for someone else. I have no idea how much help is appropriate but I wish there were more people who looked out for others instead of just themselves.
-Ryan
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Re: Splitting Mom’s inheritance with step dad
[Re: Landon]
#7573497
04/30/22 12:55 PM
04/30/22 12:55 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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You really have no legal or moral obligation to give him anything, your mother left it to you, but if you feel it’s the right thing to do, and you want to do it then you certainly should. Be careful how you go about it though, since he didn’t inherit it via her will then in legal terms it’s a gift from you and if you gift him over $16,000 you will be hit with an astronomical gift tax on anything above the $16,000. You, not him. The tax can be anywhere from 18% up to 40% depending on how much is gifted. If you want to give him more than $16k, consult a tax professional first and they’ll help you go about it the right way.
"I have two guns, one for each of ya."
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Re: Splitting Mom’s inheritance with step dad
[Re: yotetrapper30]
#7573518
04/30/22 01:31 PM
04/30/22 01:31 PM
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Joined: Jan 2009
Posts: 439 Pennsylvania
Landon
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OP
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Could you take the total, and divide it by 3. The you and your bro each chip in enough to equal that third? For example, say there was 300k. You and your brother both got 150k. If each of you gave 50k then everyone would have 100k. Unless you think that's too much? That is what my brother and I have discussed doing.
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Re: Splitting Mom’s inheritance with step dad
[Re: fossil2]
#7573525
04/30/22 01:39 PM
04/30/22 01:39 PM
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Joined: Jan 2009
Posts: 439 Pennsylvania
Landon
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Did they love each other and did he bring joy to her life? Very much. They’ve been together for 10-12 years and married for about 5. Most joyful I’ve seen her in a long time. You really have no legal or moral obligation to give him anything, your mother left it to you, but if you feel it’s the right thing to do, and you want to do it then you certainly should. Be careful how you go about it though, since he didn’t inherit it via her will then in legal terms it’s a gift from you and if you gift him over $16,000 you will be hit with an astronomical gift tax on anything above the $16,000. You, not him. The tax can be anywhere from 18% up to 40% depending on how much is gifted. If you want to give him more than $16k, consult a tax professional first and they’ll help you go about it the right way. I have looked into this. From what I understand there is a lifetime gift amount. I would need to understand more about how this works but may apply it to that. you need to find out if he has his own will. many times in a re-marriage like that, each wills their assets to their own family members, and splits their living expenses day to day. did he or she own their home, is another big question. your line of thinking is very generous of you, but you need all the facts first. does your bro want to give away some of his money, or is it just you thats thinking of sharing your inheritance? are you close, and will you remain in contact with the step dad after your moms passing? hope you can work this out in such a way thats its satisfying for everyone involved. We will stay in contact. We really enjoy spending time with him and am looking forward to going fishing on Lake Erie with him this summer.
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Re: Splitting Mom’s inheritance with step dad
[Re: Landon]
#7573532
04/30/22 01:55 PM
04/30/22 01:55 PM
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Joined: May 2011
Posts: 16,600 Oakland, MS
yotetrapper30
trapper
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trapper
Joined: May 2011
Posts: 16,600
Oakland, MS
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Could you take the total, and divide it by 3. The you and your bro each chip in enough to equal that third? For example, say there was 300k. You and your brother both got 150k. If each of you gave 50k then everyone would have 100k. Unless you think that's too much? That is what my brother and I have discussed doing. I agree with everyone saying you don't have to give him anything, but my reply was because it sounded like you wanted to. My mom remarried after I was grown, and her new husband has been like a second father to me and is a close part of the family. While my mom has no money to leave behind, he will very much continue to be a close part of the family if she passes away first. Knowing you don't need to give him anything, it'll really just need to be up to you and your brother to decide together what to give him.
~~Proud Ultra MAGA~~
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Re: Splitting Mom’s inheritance with step dad
[Re: Bob]
#7573554
04/30/22 02:24 PM
04/30/22 02:24 PM
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Joined: Dec 2006
Posts: 63,090 Minnesota
330-Trapper
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Minnesota
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You really have no legal or moral obligation to give him anything, your mother left it to you, but if you feel it’s the right thing to do, and you want to do it then you certainly should. Be careful how you go about it though, since he didn’t inherit it via her will then in legal terms it’s a gift from you and if you gift him over $16,000 you will be hit with an astronomical gift tax on anything above the $16,000. You, not him. The tax can be anywhere from 18% up to 40% depending on how much is gifted. If you want to give him more than $16k, consult a tax professional first and they’ll help you go about it the right way. This
NRA and NTA Life Member www.BackroadsRevised@etsy.com
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