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[Poll]

Who gets the money?


A and B are right, they should get it all
  8% (1)
It should go to all three, equally
  91% (11)


Total Votes : 12
(last vote on : 6/17/2010 5:13:40 AM)
(Poll will run till: -- )
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RE: Who gets the money? - 6/14/2010 5:56:01 PM   
girlygurl


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Status: offline 		It's been years for me as well in the area of finance. I can only speak of the state of Oregon...

If husband and wife have a joint account and one dies the survivor gets the funds (this applies to a simple joint account)

If the account was only in Dad's name maybe that's why the grandma has been named to be the person to "dish out the money"? She could have been named POD on the account.

If it's a Trust account then a trustee and successor trustee(s) are named (I believe).




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RE: Who gets the money? - 6/14/2010 6:06:48 PM   
laurell3


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The simple answer is that mom should get an attorney that practices law in that area in her state. Estate law varies from state to state.

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RE: Who gets the money? - 6/14/2010 6:09:22 PM   
Level


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Status: offline 		laurell, they have done so.

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RE: Who gets the money? - 6/14/2010 6:09:27 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		Do you know what absolutely amazes me?  If one of those kids opted for college, they would get at least $50K and could conceivable lay claim to the entire kitty...

Just having PART of expenses paid would be a heckuvan inducement for anyone motivated.

Level, this is a hijack but I'm curious - if the parents cared so much about their kids attending college, how come the pro-college attitude never made it to the offspring?


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RE: Who gets the money? - 6/14/2010 6:12:46 PM   
DarkSteven


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quote:

ORIGINAL: laurell3

The simple answer is that mom should get an attorney that practices law in that area in her state. Estate law varies from state to state.


Why should she?

1. Does she object to the distribution?  If so, she has no reason to get a lawyer.
2. The amount of money at stake is not that great compared to attorney fees.
3. If grandma is the trustee, she's pretty much bulletproof here.  She was forced to use her best judgment and did not personally profit from doing so


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RE: Who gets the money? - 6/14/2010 6:17:44 PM   
Level


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quote:

ORIGINAL: DarkSteven

Do you know what absolutely amazes me?  If one of those kids opted for college, they would get at least $50K and could conceivable lay claim to the entire kitty...

Just having PART of expenses paid would be a heckuvan inducement for anyone motivated.

Level, this is a hijack but I'm curious - if the parents cared so much about their kids attending college, how come the pro-college attitude never made it to the offspring?



Steven, the young man has already found employment doing what he's dreamed of (college not a requirement), and the young lady, ugh, I hate saying this, but she isn't really the college type. Neither are dumb, certainly, I want to be clear lol... honestly, I don't know if she has a clue to what she wants, even.

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RE: Who gets the money? - 6/14/2010 7:03:39 PM   
xxblushesxx


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From: Kentucky
Status: offline 		I agree. Mom should actually get all the money she put aside for her childrens' education (which they didn't use) and then she can decide whether or not she wants to leave it for those adult children or not.

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RE: Who gets the money? - 6/14/2010 7:10:38 PM   
Daddysredhead


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Status: offline 		Angel,  you're right.  Accounts vs. Trusts.  Two different animals.  If it was a regular "account," and the Wife/Mom was a co-owner of such, and there was a POD-Ben, right of survivorship, then Wife/Mom would have controlling interest of 100%.  If Grandma is Husband/Dad's bene., then one would think that Mom still has a 50% controlling interest and the decision would be joint between the Mom and Grandma.

If the account was actually a Trust then the Trustee/Successor Trustee rules would apply.  The reason I mentioned a Trust is that many people who come into our office call Trusts simply "college accounts" or "accounts" without knowing that they are fundamentally different.  I was giving the option that the "account" may very well be a specific/terms set Trust account, rather than something like a savings account for which the kids are to use the proceeds for furthering their education, specific terms notwithstanding.

If it were to get as far as court, a judge may say that the funds go to escrow in the General Receiver's account for their municipality until it can be settled.  (at least that's the way it goes in Virginia)

I see things like this every day in my office.  Last week a mother called because her daughter is the Fiduciary on her grandmother's estate.  The mother was "disgusted" (her term verbatim) that her daughter may have to use due diligence to find 3 other heirs-at-law when "she doesn't even like them."  (I kid you not, she said that.)  When our municipality's Commissioner of Accounts told her that the 75% of the remainder of the estate would go to the General Receiver until the 3 heirs-at-law were located, or their heirs, the mother got pissed and hung up.  I am always stunned to hear this stuff because it just sickens me.  Amazing how greed can really fracture a family when someone dies.

edited for proper nickname usage 

< Message edited by Daddysredhead -- 6/14/2010 7:24:11 PM >

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RE: Who gets the money? - 6/14/2010 7:16:39 PM   
barelynangel


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Status: offline 		Please call me angel or barelynangel.  Thanks.  I saw others who call you red so i presumed that is what you go by, if i was mistaken i apologize.


What you state you encounter is why i hate any type of family law or estate planning.

angel

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RE: Who gets the money? - 6/14/2010 7:27:35 PM   
Daddysredhead


Posts: 23574
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From: Northern (yet still part of the South) Virginia
Status: offline 		Red is lovely, thank you.  (I fixed my prior post to give you the proper nickname, sorry about that.) 

I agree, watching people act like rabid dogs at times is pretty disheartening. 

It's the clients who come in and talk of how wonderful their loved one was and how they had just a little bit, but wanted it spread around makes it seem worthwhile to me.  If it were a constant stream of negativity, I would have stuck to domestic relations law for another 11 years.  *eww*

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RE: Who gets the money? - 6/14/2010 7:27:45 PM   
LadyHibiscus


Posts: 27124
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Status: offline 		CPA Hib agrees with Red. If it's a trust, I would go by whatever the trust document said. If it's an "account", then it's all mom's to do with as she sees fit.

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RE: Who gets the money? - 6/14/2010 7:31:43 PM   
barelynangel


Posts: 6233
Status: offline 		Thanks Red, and no worries - its appreciated, i finally put it in my signature for those who aren't aware smiles..  Long story but the nick is special. 

When i worked in estate planning, we would have family members calling trying to get info on what the parent or grandparent was putting in their wills etc or telling us their grandparents are crazy etc.
It was very sad.  Yes, i love when families show love and now war over money.

I don't envy you your job lol.   Give me a good med mal defense or insurance defense at least you know its usually all about the money.

angel



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RE: Who gets the money? - 6/14/2010 7:33:56 PM   
DarkSteven


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quote:

ORIGINAL: Daddysredhead

Red is lovely, thank you.


She sure is! 


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The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

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RE: Who gets the money? - 6/14/2010 7:36:33 PM   
Daddysredhead


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quote:

ORIGINAL: LadyHibiscus

CPA Hib agrees with Red. If it's a trust, I would go by whatever the trust document said. If it's an "account", then it's all mom's to do with as she sees fit.


I wuvz Hibbie...     (external validation is what I live for...  *snort*)

quote:

ORIGINAL: barelynangel

Give me a good med mal defense or insurance defense at least you know its usually all about the money.


So true! 





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RE: Who gets the money? - 6/14/2010 7:37:51 PM   
Daddysredhead


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quote:

ORIGINAL: DarkSteven

quote:

ORIGINAL: Daddysredhead

Red is lovely, thank you.


She sure is! 


*giggles and hugs for the Cookie-Man* 

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RE: Who gets the money? - 6/14/2010 7:38:33 PM   
Nineveh


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quote:

ORIGINAL: windchymes

I see it as A and B are a couple of spoiled little rich kids who had everything handed to them all their lives.  Since the account was set up for college, if they don't go to college, then mom should get it back to do what she wishes with.  Those are my laws, lol. 

However, I know that does not follow the real law.  Tell A and B to take their $33.3K and STFU.


I agree with this one.  And that actually could be the law if the papers for the account are drawn up properly.  Mom should get the money back.

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RE: Who gets the money? - 6/14/2010 7:46:48 PM   
domiguy


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quote:

ORIGINAL: laurell3




The simple answer is that mom should get an attorney that practices law in that area in her state. Estate law varies from state to state.


This is why you don't just set up accounts in the name of children. A trust is in order that can stipulate how monies are to be paid out.

You set up an account in a child's name for college. But little fuck up, junior, turns eighteen and for some stupid reason in lieu of going to college wants to buy an obsolete Hummer....So goodbye to U of I, and say hello to an 8 miles per gallon four wheeled shitbucket.



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RE: Who gets the money? - 6/14/2010 7:49:09 PM   
LadyHibiscus


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Status: offline 		Dang, who knew so many folks were hating on the Hummer? Dad and I roundly mock them whenever we see them on the road!!

Anyway, Domi is right, this is why there are TRUSTS, and failing that, 529 plans that have nice excise penalties for taking trips to Tahiti with the monies. Why is it that every moron with a side business will pay a lawyer a bucketload for a meaningless LLC, but no one bothers to consult someone about important shit like 100K college funds?

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RE: Who gets the money? - 6/14/2010 7:58:31 PM   
Daddysredhead


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quote:

ORIGINAL: LadyHibiscus

Why is it that every moron with a side business will pay a lawyer a bucketload for a meaningless LLC, but no one bothers to consult someone about important shit like 100K college funds?


To make our lives hell. 

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RE: Who gets the money? - 6/14/2010 8:00:26 PM   
LadyHibiscus


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Status: offline 		Of course. Why didn't I remember that?

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