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| HOW MOOCHING GRANDCHILDREN DISSIPATE ESTATES In Annapolis, MD, a couple came in and told me about the wife's inheritance of about 12 years previous. She had inherited about $200,000.00. In speaking of the inheritance, she said, "It has not been well managed." I asked her to explain ... and she demurred saying, "I'm ashamed to tell you why." Teasing, I insisted, saying, "I'm not going to tell anyone." Finally, she opened up. "Well, my 24-year-old son keeps coming around and wanting this or that. Two years ago, it was a car. Last year ... a boat. It is always something ... and I just can't seem to refuse him." She concluded, "I wish my parents had left me my inheritance in one of those trusts you talked about in the seminar. (See, Spendthrift Trust. ) Then, maybe I would have something to show for it. But, my son knows I have the money; so, he is always asking me for it." When I advise parents to leave their inheritance in a trust, I often get the response, "But, my kids are good people. They won't waste it." Here is an example of an heir who was certainly "good people." Maybe, she was too good for her own good. Perhaps her goodness got in the way of her good judgment. She was unable to keep her inheritance due to the fact that her son knew she had the money ... and felt no compunction about coming after it. While it may be hard for you and me to realize it, there are many heirs who consider the money to be "theirs" when it really belongs to their mother or father. Legion are the stories of those who have told me that family members who hoped to inherit, considered the money to belong to them ... long before the owner died. This phenomenon is especially true, in some instances, when children consider the money left to their mother by their father to be "theirs" even while mother is living. |
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