inheritance issue

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date inheritance issue Will Trice 04-22-2009  Re: inheritance issue Avrum Lapin 04-22-2009  Re: inheritance issue Will Trice 04-22-2009  Re: inheritance issue Elizabeth Richa... 04-23-2009  Re: inheritance issue Will Trice 05-05-2009  Re: inheritance issue HW \"Skip\" Wel... 04-22-2009  Re: inheritance issue Will Trice 04-22-2009
Posted by Will Trice on April 22, 2009, 9:28 am Hey all, This may not quite be a financial issue, but we talk about inheritance issues a lot here so I thought I'd throw this out. Sorry if this is too far off topic. Let's say I have a family heirloom that I want to hand down to another member of the family upon my demise. However, I want to ensure that the heirloom remains in the family (or goes to a museum) after I die. In other words, I don't want this family member to have a change of heart down the road and sell this thing. Is there a trust structure or some other instrument that I can put in place, other than family guilt (of which there would be plenty), to enforce my wishes once the heirloom changes possession? And just so I don't sound too morbid, this question isn't actually for me, but for yet another member of my family. Writing it in the first person was just easier... Thanks! -Will william dot trice at ngc dot com Posted by Avrum Lapin on April 22, 2009, 1:23 pm > Let's say I have a family heirloom that I want to hand down to another > member of the family upon my demise. However, I want to ensure that the > heirloom remains in the family (or goes to a museum) after I die. In > other words, I don't want this family member to have a change of heart > down the road and sell this thing. Is there a trust structure or some > other instrument that I can put in place, other than family guilt (of > which there would be plenty), to enforce my wishes once the heirloom > changes possession? > The simple answer is yes - give it to the museum with the proviso that the family member can hold it during their life time. Hopefully the museum will follow up Does the family member appreciate the heirloom and will they properly care for it. How will they dispose of it after death or when no longer of value value to the givee. Posted by Will Trice on April 22, 2009, 10:31 pm Avrum Lapin wrote: > give it to the museum with the proviso that > the family member can hold it during their life time. Hopefully the > museum will follow up At this point the museums that are interested will not take the heirloom due to its condition. > > Does the family member appreciate the heirloom and will they properly > care for it. How will they dispose of it after death or when no longer > of value value to the givee. > These are apparently hard questions for the giver to answer. The recipient is willing to spend considerable sums to transport and restore the heirloom to museum quality over several years and makes claims that it will be transferred to another family member or to a museum upon the recipient's death. For some reason the giver does not take this at face value and the recipient is looking for a way to reassure the giver. -Will william dot trice at ngc dot com Posted by Elizabeth Richardson on April 23, 2009, 12:02 pm > Avrum Lapin wrote: > > These are apparently hard questions for the giver to answer. The > recipient is willing to spend considerable sums to transport and restore > the heirloom to museum quality over several years and makes claims that it > will be transferred to another family member or to a museum upon the > recipient's death. For some reason the giver does not take this at face > value and the recipient is looking for a way to reassure the giver. > Does the giver have any other options for bequeathing the item in question? S/he needs to think about this. No museum will take it - s/he's sort of stuck, right? I saved money for my grandchildren to help them with college. It wasn't a lot of money and it certainly wasn't going to provide a 4 year college education. I am mindful that the money was a gift, so, while I had ideas on its use, it was no longer mine to spend. Your heirloom giver is in the same shoes. Once the item is given, it no longer belongs to him, and he'll be dead anyway. Elizabeth Richardson Posted by Will Trice on May 5, 2009, 7:21 pm Elizabeth Richardson wrote: > Does the giver have any other options for bequeathing the item in question? > S/he needs to think about this. No museum will take it - s/he's sort of > stuck, right? Right, the only other option is to sell immediately to a disinterested party. -Will william dot trice at ngc dot com Similar Threads Posted The Housing Issue September 13, 2008, 1:03 pm Foreign Stock in IRA: Taxation Issue February 2, 2007, 12:00 pm What To Do With Inheritance November 11, 2006, 12:19 pm Basic inheritance question October 17, 2006, 4:57 am Financial Help needed- inheritance July 24, 2007, 8:26 am Should expected inheritance be part of asset allocation? April 2, 2005, 3:50 pm