#1 ·
Hi there,
Here’s the situation—a divorced parent has a specific amount of money they want to gift to their children in equal shares. The catch is that one child isn't married and doesn't have kids, meaning if they were to pass away, the assets would likely go to the parents (split equally between the two).
The parent making the gift wants to ensure that, in such a scenario, the other parent doesn't end up inheriting that gifted amount. Is there any way to make that happen?
Since the child intends to use this money to buy real estate, I wonder if it might be simpler for the donor to purchase the property themselves first, and then transfer it to the child via a living trust or an inter vivos gift agreement (using that same mechanism to distribute funds to the other children). If they did this, could such an agreement be revoked or contested if the heir passes away?
I hope I’ve explained the concept clearly enough; hopefully, someone here has a solution.
And one last thing: generally speaking, if a child (with no spouse or descendants) passes away before both parents (who are divorced), is it possible for one parent to claim the inheritance after the death of the other?
Here’s the situation—a divorced parent has a specific amount of money they want to gift to their children in equal shares. The catch is that one child isn't married and doesn't have kids, meaning if they were to pass away, the assets would likely go to the parents (split equally between the two).
The parent making the gift wants to ensure that, in such a scenario, the other parent doesn't end up inheriting that gifted amount. Is there any way to make that happen?
Since the child intends to use this money to buy real estate, I wonder if it might be simpler for the donor to purchase the property themselves first, and then transfer it to the child via a living trust or an inter vivos gift agreement (using that same mechanism to distribute funds to the other children). If they did this, could such an agreement be revoked or contested if the heir passes away?
I hope I’ve explained the concept clearly enough; hopefully, someone here has a solution.
And one last thing: generally speaking, if a child (with no spouse or descendants) passes away before both parents (who are divorced), is it possible for one parent to claim the inheritance after the death of the other?