I tell any young person I meet that if they have parents who have any money or real estate, they need to convince them to put it all in a trust. That way you avoid probate and you don't even need an estate lawyer to sort it all out...the tricky part is who will be the Trustee? My parents made me and my brother Co-Trustees, but this only worked because we get along.
Absolutely. I tried to have this conversation with my Mom too and it did not go well because our relationship is in shambles and we can't talk about anything. If anything, the idea of inheritance was used as a carrot and stick to manipulate me.
I have no idea how everything will work out in the end, but my brother is gone so now I am my Mom's sole heir. Even if I have to go to probate I will inherit whatever she has, anyway. These days, elder care & medical expenses can swallow up your end of life savings and there is no guarantee that very much money will be left for your children unless you are ridiculously wealthy or you are resourced to plan ahead for such expenses, early on. Debt collectors can even garnish from certain trusts, depending on the type.
My parents are very successful and have class privilege but they are not filthy rich. I focus on building my own wealth through Creative Entrepreneurship and inner-peace, and don't bank on receiving inheritance.
I tell any young person I meet that if they have parents who have any money or real estate, they need to convince them to put it all in a trust. That way you avoid probate and you don't even need an estate lawyer to sort it all out...the tricky part is who will be the Trustee? My parents made me and my brother Co-Trustees, but this only worked because we get along.
Absolutely. I tried to have this conversation with my Mom too and it did not go well because our relationship is in shambles and we can't talk about anything. If anything, the idea of inheritance was used as a carrot and stick to manipulate me.
I have no idea how everything will work out in the end, but my brother is gone so now I am my Mom's sole heir. Even if I have to go to probate I will inherit whatever she has, anyway. These days, elder care & medical expenses can swallow up your end of life savings and there is no guarantee that very much money will be left for your children unless you are ridiculously wealthy or you are resourced to plan ahead for such expenses, early on. Debt collectors can even garnish from certain trusts, depending on the type.
My parents are very successful and have class privilege but they are not filthy rich. I focus on building my own wealth through Creative Entrepreneurship and inner-peace, and don't bank on receiving inheritance.
I am gonna look for some of these books! 🤑 You might like one by Ilise Benun, it's called The Creative Professional's Guide to Money
Awesome, me know what you think! Thank you also, for the recommendation. 💜