In Reply to: Estate Planning Question, Randy Thatcher [Profile/Gallery] , Mon, 10 Jul 2006 22:52:53

but your parents need to hire a lawyer that specializes in estate planning (including trusts, living trusts) and wills (your Dad and your Mom's). Your parents' wills and estate plans should be considered together.

My usual opinion is that it's your parents’ money; they can do whatever they want to do with it. If they want to leave some money to their children, that's extremely generous of them. I really don't think parents owe anything to their grown children nor the children should anticipate anything from their aging parents but that's just my own up bringing, i.e. the obedient son approach 8-).

Now getting off my high horse, I have to say, there is no such thing as having too much money (yes, even if you're the Gates or the Buffets). But correct me if I were wrong, I don't think you and your wife are hurting for money. Of course, it's always nice to have more 8-). Anything you get from your parents, I would consider insurance money for you, wife, and your potential heirs.

What seems fair and equitable now may not be in 10 or 15 years. Your parents may change their minds and alter the wills in the future, things happen.

As your brother has been working with your father, it's hard to divide the business up unless you or your sister wants to run the family business as well. This is why a good estate planning lawyer is important. I'm sure situations like yours is common and this is where the lawyer experience comes into play.

Much credits to your parents in doing this now, be sure to thank them regardless. I have put in a link to a document that you may find useful.

posted by 12.171.1...

ABA Guide to Wills and Estates

• Estate Planning Question, Randy Thatcher , Mon, 10 Jul 2006 22:52:53
  • Back from Japan?...., Mike Lynch , Tue, 11 Jul 2006 14:32:11
    • Yep - Trip was good., Randy Thatcher , Tue, 11 Jul 2006 14:41:26
  • succession planning, phillymb75, Tue, 11 Jul 2006 08:10:37
  • Agree with TKC, Thank your parents for doing this now.., MI-Roger , Tue, 11 Jul 2006 07:48:22
  • Re: Estate Planning Question, jp, Tue, 11 Jul 2006 07:16:48
  • It's is all up to your Dad (and Mom) to decide....., TKC, Tue, 11 Jul 2006 06:52:49 <-- Viewing This Message
    • My link to my post only has the first few pages...., TKC, Tue, 11 Jul 2006 15:13:17
  • potentially difficult questions, Sam, Tue, 11 Jul 2006 06:13:20
    • It's easy, dudewithasaab, Tue, 11 Jul 2006 13:48:23

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