My jurisdiction is: Texas
Hello,
My father remarried about 15 years ago. He is 83, his wife is 62. He has 3 children, all living, all adult. His wife has 2 children, all living, all adult. His wife offered us the opportunity to look at the wills a few weeks ago. While doing so, my siblings and I noticed that it was slanted heavily towards her children. The estate was to be split 50/50 at the time of eithers death. Since the children are 3 and 2, there would be a natural inequity. 50% divided by 3 versus 50% divided by 2. They would receive a minimum of 50% more than us.
Additionaly, 50% of my father's portion (50% of 50% of the total estate)would be in a trust where the monthly income would go towards supporting his wife. So while the interest income of a portion of our inheritance would support her, the interest income of her portion would likely not be touched and would compound until she dies.
Given an example estate of $6mil, if they died on the same day, we would each receive $1mil; each of her children would receive $1.5mil. If she lived for 20 years using our inheritance to live off of, that margin would increase towards 400-600%.
Upon pointing these issues out, he was receptive and scheduled a meeting with his attorney and CPA. The result was that he stated there was no legal way for them to assure that each child receive equal amounts, because their estate is community property, each getting half upon the death of the other, and no way to leave a portion of the trust to the step-children.
This sounds ridiculous. Am I missing something relating to community property? I would assume that each could elect to leave 20% of their respective shares of the estate to each child and be done with it. Please help. This is threatening to tear this family apart. Both she and Dad came into this marriage with nothing. All we want is for each child to receivie equal amounts--even if that is nothing.
Thank you in advance. I can provide additional info if necessary.
Hello,
My father remarried about 15 years ago. He is 83, his wife is 62. He has 3 children, all living, all adult. His wife has 2 children, all living, all adult. His wife offered us the opportunity to look at the wills a few weeks ago. While doing so, my siblings and I noticed that it was slanted heavily towards her children. The estate was to be split 50/50 at the time of eithers death. Since the children are 3 and 2, there would be a natural inequity. 50% divided by 3 versus 50% divided by 2. They would receive a minimum of 50% more than us.
Additionaly, 50% of my father's portion (50% of 50% of the total estate)would be in a trust where the monthly income would go towards supporting his wife. So while the interest income of a portion of our inheritance would support her, the interest income of her portion would likely not be touched and would compound until she dies.
Given an example estate of $6mil, if they died on the same day, we would each receive $1mil; each of her children would receive $1.5mil. If she lived for 20 years using our inheritance to live off of, that margin would increase towards 400-600%.
Upon pointing these issues out, he was receptive and scheduled a meeting with his attorney and CPA. The result was that he stated there was no legal way for them to assure that each child receive equal amounts, because their estate is community property, each getting half upon the death of the other, and no way to leave a portion of the trust to the step-children.
This sounds ridiculous. Am I missing something relating to community property? I would assume that each could elect to leave 20% of their respective shares of the estate to each child and be done with it. Please help. This is threatening to tear this family apart. Both she and Dad came into this marriage with nothing. All we want is for each child to receivie equal amounts--even if that is nothing.
Thank you in advance. I can provide additional info if necessary.
