Legal Question in Wills and Trusts in Indiana
Estate Planning strategy for Wife w/fatal illness
In IN, what's best est. planning strategy for W to prevent H from inheriting as many of her assets as possible upon her death? Adult daughters have been estranged since her illness. W's wish is to leave grandkids a gift when they reach the age of 21 years of age.
In her Will, W specifically disinherits daughters from Will, but is there a loophole to prevent H from getting his hands on her 401k, her individual bank/CD accounts, etc.? Her doctor recently told her she didn't have much time to live.
As far as the marital real estate, it is my understanding that if she seeks divorce prior to her death, the marital pot will more than likely be split 50/50 (and she may die during the proceedings).
If she does NOT seek divorce prior to death, H will end up with everything by rt of survivorship. Can she set up an irrevocable trust prior to death/divorce? Can she quitclaim the real est. in the name of PR of her Will and direct them to deposit sale proceeds of marital estate into a trust account for the grandchildren should she die during pendency of divorce proceedings?
H is an ass and he's trying to hasten death. He hides her meds, and when she has attacks, he won't call 911, goes back to bed. What's her best plan?
2 Answers from Attorneys
Re: Estate Planning strategy for Wife w/fatal illness
Some of the assumptions you are making are correct and others are not. This client needs to contact an attorney immediately to assist in resolving the numerous issues presented and in planning for her beneficiaries to have what she wants them to have. It may be good to consider a video of her desires as well. But a good Elder attorney is definately needed. Mary Hoeller
Re: Estate Planning strategy for Wife w/fatal illness
First thing first: wife needs to get herself to a lawyer ASAP. Frankly, even with the details given (and you were quite generous with them) this is not the forum for dealing with the subtleties of planning a specific estate.
Tools available to wife: a trust, a post- nuptial agreement, and a Will. She also has some non-probate assets. I have some article son post-nuptial agreements here: http://www.blogger.com/posts.g?blogID=1442020469207898141&searchType=ALL&txtKeywords=&label=post-nuptial+agreements
Husband does not take everything by right of survivorship. How much depends on some facts not included by you. See IC 29-1-3-1 at http://www.in.gov/legislative/ic/code/title29/ar1/ch3.html.
There is a presumption of splitting marital property 50-50. For more details you should read my articles here: http://www.blogger.com/posts.g?blogID=1442020469207898141&searchType=ALL&txtKeywords=&label=property+issues
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