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| HOW HE KEPT $2 MILLION SECRETLY HIDDEN FROM THE WIFE SOURCE: RECER EXPERIENCE. Accompanied by his nephew, an 82-year-old man came to see me in Washington, DC. on an April day. As soon as he was seated, he said, "I've got a problem." "Oh," I inquired. "Yeah," he continued, "my wife left me." "I'm sorry to hear that," I commiserated. "When was this?" "Twenty-six years ago." Somewhat surprised, I asked, "So. What's the problem?" "I never bothered to get a divorce," he went on. "So, we are still legally married." "Okay," I noted, "So, how is that a problem?" "Well, I've done pretty well in the stock market over the years. I have about $2 million in stocks and bonds ... and I don't want her to get any of it. I want my nephew, here, to get it." In his state of residence, the law says that a widow can claim a Widow's Election, about 1/3 of the estate. So, he did have a problem. To solve the problem, I showed him how to place the assets into trusts so that there would be no probatable estate ... and no place for her to look for the Widow's Election. A very relieved and happy pair of men left the room that day ... and went out to enjoy the cherry blossoms. For more information on means of moving assets out of your probatable and attachable estates, see Charitable Remainder Trust. |
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