I Want My Daughter To Split Her Inheritance With Me

0:00I'm calling about a trust that my husband's family has, and when we always thought when he passed, or if he passed before me, that I would be the one that would inherit his share, and we had found out that it would go past me and to my daughter, and we're just wondering if it would be ethical for us to ask her to split the inheritance if by any if he pre-deceases me. So it hasn't, just to make sure it hasn't happened yet, he has not passed. No, he is still here, and we were just we're in our hands now, we're trying to figure out what to do. But his wishes are for it to go to the grandkids. Well, it was set up, you know, 80 years ago, the people that are the primaries of the trust are the grandchildren, and my husband would be a great grandchild, and it goes through

1:04the family name. Oh, so it's beyond even your husband's parents, a generation above them. Yes, it's generations, yes. So he can't change it, correct? He cannot change it. It would just be... Why did it... Has it always skipped a generation? Is that part of it? It doesn't skip, it just follows the family name, so he gets a trust check as does everybody else in that generation of the family, every quarter. But it's in the generation that currently is on those trusts when they pass it ends, and the money would be distributed. Right, but then the money's distributed to skipping a generation. Only those with the name. With the name, exactly. It wouldn't skip. It's my husband's alive, he would receive it, it's only if he pre-deceased them. But what about your daughter if she were to get married? It would still be the family name, she's the...

2:05Got it. Okay, I'm tracking now. Okay. It's the lineage. It's following the name through the... Okay, got it. Yeah. No, I got to tell you, when you first said it, I was first going to go, well, I feel like you got to talk to the old guy about it and let him weigh on it, but it's on his call, right? Yeah. So it's already been set in motion. Yeah, they're trying to keep it in the blood. Yeah, and it flows. Yeah, and I don't want to speak completely on behalf of my colleague here, but we both had a kind of gross face. When we heard you say, is it okay to talk to my daughter and say, hey, I know this is supposed to come to you by the bylaws and in stone, but how would you feel about cutting us in? I personally would feel gross about doing that. That's my take. Okay. Yeah, I would say Elaine, that you and your husband need to set you guys up, that if something happens to him, that he has life insurance and that you're taking care of and that you don't need this trust because you guys are in a good spot, you know? Yeah. Yeah, we never had it and it wasn't until we were in our 60s because we always assumed

3:05and had never checked how this passed. Oh. And that's how we... So you guys didn't do life insurance, is that what you're saying because you knew this money was coming? Yeah. So I wouldn't. Yeah. Yeah. That would not be how I would. I would function more independently of that. How are you set up for the future? What's your current retirement situation? You've worked too hard to get control of your money just to let strangers control your data. Every online sign up, discount code and free trial comes at a cost, your information and delete me helps you take back control. Get your privacy experts, find your personal info on sketchy data broker sites, they delete it and they keep it gone, meaning you stay in charge of what's yours. So protect your privacy and get 20% off an annual plan at joindeleteme.com slash ramsie. That's joindeleteme.com slash ramsie. What's your current retirement situation? You know, we probably have three, three, fifty, maybe put aside between 401ks and savings

4:12et cetera and another, maybe the- Did this whole trust issue like do you think it demotivated, Joel? No. We were in a bad position for many, many years. Okay. Yeah. Yeah. We do. We do. We sell them mortgage, but we probably have, you know, how much is left on a thousand and ninety, ninety, nine thousand. Okay. That's great. How much do you guys make a year? Yeah. Only about, I would say about eighty, nine thousand. Yeah. And what will the house be worth? If we sold it today over four hundred. Okay. All right. And let's call it seven hundred thousand. Okay. Any other savings or anything beyond that the house equity and the retirement fund, anything else? I don't think so. I don't think I'm missing anything. Okay. And how old's your daughter right now? Twenty four.

5:12Okay. And how long do you guys feel like you're going to work? No, probably, well, the work we're doing now, we probably like to stop by sixty five, sixty seven and find something else. We both have more physical jobs. Okay. Yeah. And the reason I'm saying that is because based on history, Rachel knows this that, you know, that three, how much did you say you had in retirement, three fifty? Combined. Maybe three. Yeah. Two. So over the next three fifty. All right. So that should double over the next seven years. Okay. That's your home. So you start adding the numbers up. Okay. And so now you're looking at, uh, what do we got 400 on the house? So what, 1.1 million in seven years, uh, I don't know what your social security situation will be, but you start stacking all that up and, you know, whatever you guys can do over the next seven to ten years to invest a lot of money, uh, that's going to help you

6:12be far more comfortable in your seventies and eighties. And when you think about it, Elaine, and again, all of the, your calls hypothetical, right? Your husband has not passed none of the, yeah, nothing has happened totally yet. So again, hypothetically, you know, if, if, if the grandparents are still living for another, I don't know, ten years, fifteen years, you know, you're such, and then your husband passed, if he passed away, then technically you would have probably at that point a half a million, six hundred thousand dollar home that you can sell and, you know, down, you know, down size, put that cash with the investments and you'll have well over one point five ish million, you know, you'll be fine without this inheritance is what I'm saying. So, um, yeah, I probably wouldn't worry about it. And I do feel, I do feel weird saying, yes, ask your twenty four year old daughter for her inheritance. I don't know. We didn't, we don't even want her to know that that's the possible amount because we don't want it to taint her in any way.

7:13That's fair. Take her drive. Remind me. What was the amount that you probably around two million, but a twenty four, that could be, you know, you could go through that, if that were something that happened, but for sure, if that's hypothetical as well, they would have to pass and your husband would have to pass. Yeah. Yeah. Yeah. Yeah. Yeah. Hey, we can actually finish well, but we should probably get some intensity and see what we can do from an earning standpoint, certainly tighten things wherever we can tighten to invest as much as we can at this stage. And over the next fourteen, fifteen years, that's going to turn into a sizable chunk for you guys that should allow you some dignity and, and some comfortability. That would be my main focus if I were you. Sounds good. Yeah. Thank you so much. Yeah. That's a good question. Yeah. Thanks for the call. Yeah. Yeah. And I get that in a, in one sense, because it is like, what if dad remarries some crazy woman

8:14and she, you know, he passes and she takes all the month, you know, it's like kind of a drama moment of a movie. It was a few times. But you also want there to be like a little bit of an addendum of like, okay, if you've been married more than thirty years, the wife can take the, get the money to. I don't know. Do you know what I'm saying? Like, I don't know what that looks like. That's very interesting. You mean you give her an out after thirty years? She caches out? Well, that she, that Elaine would get the money, like if her husband had passed, like in the will or in the trust, it's like, if she passed, I thought you meant like, you know, I'm sorry. I've done my time. I'm out. I'm checking out. It's been a good run, but I'd like to be on my own and travel. I thought that's what you were talking about. No, I get that. I like that. Create your free every dollar budget today, the simplest way to budget for your life.