QUESTION
How should asset distribution work for my estate?
Asked on Jun 04th, 2011 on Estate Planning - Georgia
More details to this question:
I am 78 and I want to give some of my children money now, but I don't want the others to lose out on this portion when I die. here is an example of what I want to avoid. If I had 2 sons and I split my property in half and give one son his half now, after I die I don't want that son to be able to fight for the half left over. Example 2: If I have 20,000 dollars and want to give one son his 10,000 now but the other son does not need it now, how can I give first son his 10k and second son 10k after death. I just don't want one son to get money now and then be able to fight for entire estate later. He would then get more than the other.
3 ANSWERS
Trusts and Estates Attorney serving Jacksonville, FL
Partner at
Law Office of David M. Goldman PLLC
3 Awards
You can handle this in a will but you might need to be careful making gifts at your age because it could make you ineligible for nursing home coverage for a period of 5 years. You should discuss your situation with an estate planning lawyer who deals with elder law issues also.
Answered on Jun 09th, 2011 at 8:46 AM
1 Award
You will have to have your trust/will updated to reflect how you would want your assets to be distributed and taking into account the assets that have already been distributed to your children.
Answered on Jun 08th, 2011 at 3:52 PM
Glen Edward Ashman
What you want to do can be done with a well drafted will (or possibly a trust). Given the size of the amounts, a will would be the less expensive option. Any lawyer who is knowledgeable about wills and estates should be able to help with this.
Answered on Jun 08th, 2011 at 10:58 AM