Family feels entitled to my inheritance

[Starlight925]

Haven't read through the entire thread, so forgive me if I'm repeating something, but:

 

1) If it was all left to you, it's yours. Your dad wanted you to have it. Period.

 

2) $250K isn't a lot of money. Sure, it sounds like a lot, but it really isn't. After taxes, especially.

 

This isn't about who works, who doesn't work, the church, and all that other stuff. It's your money. And it's really not a lot to even fight over.

[boltnrun]

Haven't read through the entire thread, so forgive me if I'm repeating something, but:

 

1) If it was all left to you, it's yours. Your dad wanted you to have it. Period.

 

2) $250K isn't a lot of money. Sure, it sounds like a lot, but it really isn't. After taxes, especially.

 

This isn't about who works, who doesn't work, the church, and all that other stuff. It's your money. And it's really not a lot to even fight over.

 

I agree.

 

And I have to add more because ENA says my message is too short.

[sadchick83]

Haven't read through the entire thread, so forgive me if I'm repeating something, but:

 

1) If it was all left to you, it's yours. Your dad wanted you to have it. Period.

 

2) $250K isn't a lot of money. Sure, it sounds like a lot, but it really isn't. After taxes, especially.

 

This isn't about who works, who doesn't work, the church, and all that other stuff. It's your money. And it's really not a lot to even fight over.

 

Unless your father gave away more than $5.5 million in his lifetime, there is no tax on his inheritance for him or you. What the poster mentioned is incorrect LOL.

[Starlight925]

never mind. deleted.

[Seraphim]

Also don’t assume everybody is in the US. Here in Canada are you pay out the azz for inheriting anything .

[Wiseman2]

Was your mother married to your father at the time of his death? Were you named as the executrix/personal representative? Was the will filed through probate and valid?

 

It's very odd if your parents were married to each other at the time of his death that you would be the main beneficiary. Federal laws require that the spouse receives 50 %, regardless of what is stated in a will or who else is designated as a beneficiary. Is your mother mentally competent? Does she know this? Did you somehow get power of attorney over her financial and legal affairs?Why did all this money go to you?

 

You really need an accountant and financial planner to manage things. As far as relatives coming out of the woodwork that is unfortunately common. However you should carry on as if there were no money. For example would you be going on and on about your step sister and family's decrepit financial and employment status? Stay completely out of that. Their financial situation has nothing to do with you.

 

Also getting your nieces/nephews phones and plans makes zero sense. It a phenomenally bad move. Why? Gadgets and their requisite plan costs are not investments and simply money down the toilet. It's also not a tax deduction for you.

 

A much smarter choice would be an interest accruing college fund that they could access at age 18 and that could be contributed to. Instead of wasting money on gadgets and phone bills. Education is an investment and by putting it in their names and accessible at 18 you can circumvent your step sister entirely. You would also be setting a fine example of investing vs squandering money on useless stuff especially since they certainly are not learning financial management from their parents.

 

As far as monies to your step sister, what does your mother think since legally at least 50% of that belongs to her. And that is her other daughter and her call with the monies that belong to her.

I have also paid some of my moms bills (she’s retired and has been very poor at managing her finances)

[kamurj]

Multiple accounts are not allowed. Thread closed.