Conference quark::human_relations-v1

         Ahhh...
         
         Are you sure about not being able to write a spouse
         out of the will?...Perhaps only for "community"
         property? I *think* [vast difference from knowing]
         that with a signed waiver of homestead rights, you
         can write anybody out of a will...???
         
         Did you also know that in most States, if you die
         without a will, your blood relatives...ie: sisters,
         brothers, parents, will inherit 50% of your estate
         over your spouse?
         
         And...
         
         One way to offset the "inheritance" issue is to sign
         certain assets over before you die...or make your
         children joint "owners"...then some of these assets
         need not hit the probate court at all...
         
         But check with a lawyer...I know we did this in Maine
         several years ago with the porcedes of my Dad's estate,
         but I did not clearly understand it then and it has
         been a while.
         
         M-

    There was an article in the Boston Globe about 3 weeks ago that
    discussed not being able to write a spouse out of the will.  Basically,
    the spouse has the right under the law to demand the spousal rights
    of survival (or some such legal wording) over the will if the property
    division under the laws would be more beneficial than what is
    stipulated in the will (obviously, this applies in Massachusetts.
    Other states will have different laws).
    
    The questions that I would ask is if your husband would have a problem
    with you leaving your assets to be divided 3 ways.  And don't you
    have joint property with him that he will get regardless of what
    the will says, like the house?  Any property that is held as joint
    tenants passes to the joint owner upon the death of the other owner,
    and does not pass through probate.  It is includeable in the deceased's
    estate, however, for estate tax purposes.
    
    There are a lot of things that you can do that will provide for
    your children and your husband.  I would suggest talking to a lawyer.
     Most lawyers will even do the first consultation free so that you
    can talk to more than one and choose the one that you are most
    comfortable with.  
    
    I happen to be going to the lawyer this afternoon to get my husband's
    and my wills redrawn, so I've been asking a lot of questions about
    estate planning and estate taxes.  I can recommend someone in
    Leominster, and give you more information about what I have been
    finding out.  Send me mail or call me if you want any of this.
    
    Cathy

    Thanks for the suggestions.  I do want to emphasize that we plan
    to consult a lawyer for the legal advice and guidance necessary
    to draw up our will.
    
    What I'm looking for here is ideas/experiences that take into
    consideration the personal and family aspects of dividing the assets,
    given the facts in -.0:  definite, but relatively short-term need
    on the part of my children; no financial need on the part of my
    husband; clear-cut division of his/my assets at this point;
    jointly-held property not figuring in the problem I'm facing.
    
    Guess what I'm asking is for some guidance in weighing the wife
    versus mother responsibilities.
    
    Any ideas?
    
    Karen
    
     

There is also the consideration that if you will your property to your husband,
and then he dies and the property presumably goes to your children, the property
will have to have estate taxes paid on it twice.

To avoid that, and also to give to both your husband and children, you might
consider willing your property in trust to your children with your husband
being the trustee untill his death.

Jim.

    Re .4
    
    This is partially incorrect.  For federal estate tax purposes, there
    is no estate tax on any amount transferred between spouses.  In
    MA, only 25% of the property that passes to a spouse is taxed. 
    Also, there are no federal estate taxes for estates under $600,000,
    and in MA, there are no estate taxes for estates under $200,000.
    
    As far as Jim's suggestion about a trust, that is a good one.  What
    you could do is have all your property pass into an exemption trust
    with your husband as trustee, and giving him the right to enjoy
    the trust's assets and receive any income from the trust.  Then,
    upon his death, the trust could be dissolved and the assets divided
    among your children.  This solves 2 problems.  First, if you had
    a large estate, then you would still get your $600,000 exemption,
    and your husband would also have a $600,000 exemption on his estate,
    which would not include your property.  Second, this would help you with
    the problem of how to divide the assets, since you wouldn't need
    to divide them.  Your husband would have use of your assets via
    the trust during his lifetime, and your children would get the property
    when he is gone.  Sounds like that might be something worthwhile
    for you to look into.