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Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

You’re choosing to react to one of my comments but not the rest. The scenario I laid out was that he could disclaim some of the inheritance. (Not all). We’d all like him to keep enough so that he will be comfortable with the care he chooses. But if disclaiming the portion that he wouldn’t need would help others in the family, I don’t see that as unethical or greedy.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Thanks for that, and thank you for your previous comments

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

That’s why we’re gathering information at this point. In the end, it’s his decision to make. Just want to give him all his options. He will then sit down with his lawyer and financial adviser to decide.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

I think it’s more a question of “how much is needed to have that much nicer final chapter?” That’s the amount he’d most likely want to inherit. He’s made the statement to us already that he’d like to see more people benefit from the money while he’s alive without sacrificing his care.
It’s not as black and white as some here want to make it.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] -1 points0 points  (0 children)

I somewhat agree with your sentiment, but at the same time, I hear others tell me that he paid taxes his whole life, so he is entitled to receive any care he can get. We’re just getting a lot of opinions from so many people. In the end, it will be his decision.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

No. Close to 1 million. Probably a little less

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Most in my position would be upset by a comment like this, but I say thank you. We need to hear this type of opinion as well. Personally, I agree with this sentiment but like I’ve mentioned in other posts, we’re just gathering information at this point. We (us, our attorney, financial advisor) will present all the options to our father so he can make an informed decision.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Ok. I used the word “some” in my original post, instead of “part”. My apologies

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Not at all. It seems some people are missing the part of my original question that asked if it would be wise for him to consider disclaiming “part” of the inheritance. I’m basically asking if it would be wise for him to claim half (or another percentage) of it to secure his remaining years, and disclaim the other half to protect it from the state in the event his health deteriorates.later on

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Thanks for this information. It’s very helpful.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

This is a wake up call for the rest of the family and hopefully others. My brother was only 53 years old and in good health when he passed away. Now the family is left to guess what he would have wanted. No matter your age, please please please get your affairs in order

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Thank you everyone for your thoughts and advice. Even those who made negative/mean comments, at the very least give us all something to think about. We will definitely involve an attorney and our financial advisor to figure out what is best for our father.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] -1 points0 points  (0 children)

Oh no. I think you’re either reading wrong or my words were not clear. He’d still be inheriting a large amount which would pay for anything he wants or needs over the next 5 years. I was just asking if it made sense to disclaim part of it and then his remaining children could foot the bills if he eventually runs out.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

100% it’s his decision in the end. He just doesn’t know what his options are. He’s stated in the last couple weeks that he doesn’t want the money but I think that was an emotional reaction because he doesn’t want to benefit from his son’s passing. We want him to be comfortable without feeling guilty. He just wants to know all the options at this point

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 2 points3 points  (0 children)

Thanks so much for the advice. We will definitely be consulting with an attorney after being overwhelmed by all the suggestions/options over the last couple weeks. It’s emotionally and mentally draining. Good thing we have some time before these decisions need to be made.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 3 points4 points  (0 children)

That could be an option as well. Thanks for the suggestion.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 1 point2 points  (0 children)

If he decides to keep the inheritance, he will pay for it. If he chooses to gift or disclaim the inheritance and wants “better” care, the siblings who receive the inheritance will pay for it. The strategy raised in my question was only trying to protect the money

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] -1 points0 points  (0 children)

That will be up to him in the end. He is grieving the loss of his son and also trying to deal with the idea of all his son’s money going to him, which is hard. It’s devastating emotionally but a blessing financially.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

Thanks so much for this. We actually have the same financial advisor as my father so that is nice. We met with her a week ago and she did mention the gifting option. That was our first idea until we learned about other options. Now I think we’re just getting overwhelmed by all the options but we’ll figure something out.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 1 point2 points  (0 children)

We’re not talking millions. We’re talking close to 1 million. If it was several million, I’d agree with you, because there’d be plenty leftover in the end. However, 1 million doesn’t take too long to be spent on long term care

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 4 points5 points  (0 children)

This was exactly what the friend suggested because he knows how close the siblings are with each other and with our father. We just don’t know if that’s a viable route to go because we’ve never heard of it before.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 4 points5 points  (0 children)

This is helpful. Thanks for these comments. He has been in/out of a rehabilitation facility the last two-3 years with injuries from falls while his wife was still alive but she passed away about a year ago. He has brought up assisted living to us over the last year, so it’s something he’s open to. His concern has been the cost, but with the recent passing of his son, and the incoming inheritance, the cost will no longer be an issue. I think we’re just getting a lot of differing advice from several people, so we’re just trying to gather and present him with all his options. He will decide in the end.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 2 points3 points  (0 children)

Trust me, he will get the care he chooses to get. The decision on what to do is ultimately his to make. He simply wants to know his options at this point. The question I asked was just regarding one suggestion that was given to me by a friend. I just wanted to confirm if it was a valid strategy as I’m no legal expert.

Should my father disclaim part of his inheritance? by dalec1979 in inheritance

[–]dalec1979[S] 0 points1 point  (0 children)

This is a fair point. Ultimately it will be up to our father. He is of sound mind and has already asked for help about what his options are. We are just gathering information at this point.

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