Dear Moneyist, I recently got married to a man with two daughters. I make quite a bit more money than he does and I have one son because I do not think I can afford more children. My mother will be leaving me a sizable inheritance, which I want to save for my son. My husband is expected to receive some inheritance from his parents and I have no intention in putting my fingers into that pot. Recommended: The next time you go anywhere, remember the $1 tip is dead[1] How do our three children inherit my husband’s and my community property? I don’t think each should get a third, rather my son should get 50% because that is my contribution, and his two daughters should share his 50% contribution. I have not brought this up with my spouse but I would like a second opinion regarding inheritance with stepchildren. Thank you. Step Mom Dear Step Mom, This is the kind of conversation best had before you get married. Springing it on your husband months after the wedding has the high risk of creating resentment. He obviously loves his two children as much as you love your son, so you need to tread carefully. Don’t weigh in with your opinions about how much you earn compared to your husband because that only has the potential to create more drama. Instead, find a way into a discussion about your finances. How it’s responsible for you both to leave wills know that you are a married couple. These details, while the main reason for you making a will, can be part of that larger discussion. That way, he won’t (fingers crossed) feel blindsided. Before telling him what you would like to happen, ask him, “How should we divide our estates?” Who knows? You may be on the same page. Also see: My boyfriend and I have two kids — should I pay off his $130,000 student debt?[2] Stepchildren are typically not included under state inheritance laws, so it makes sense for you both to clearly state who will receive your respective estates when you die. You can set up a trust for your son for the money he will receive from your mother. You can also create a separate savings account and other investment vehicles that will go to your son in the event that you predecease him. Your husband can do the same. Don’t miss: Should two people with $1 million in debt even consider getting married?[3] For your community property, I don’t think it’s worth getting into a messy conversation about giving your son 50% and your husband’s children the other half. There are three adult children and, as such, I recommend you split your community property three separate ways. By all means, ask him first what he would like... I want my son to receive half of my marital property and my husband’s two children to receive the other 50%
- Category: Economics
Dear Moneyist, I recently got married to a man with two daughters. I make quite a bit more money than he does and I have one son because I do not think I can afford more children. My mother will be leaving me a sizable inheritance, which I want to save for my son. My husband is expected to receive some inheritance from his parents and I have no intention in putting my fingers into that pot. Recommended: The next time you go anywhere, remember the $1 tip is dead[1] How do our three children inherit my husband’s and my community property? I don’t think each should get a third, rather my son should get 50% because that is my contribution, and his two daughters should share his 50% contribution. I have not brought this up with my spouse but I would like a second opinion regarding inheritance with stepchildren. Thank you. Step Mom Dear Step Mom, This is the kind of conversation best had before you get married. Springing it on your husband months after the wedding has the high risk of creating resentment. He obviously loves his two children as much as you love your son, so you need to tread carefully. Don’t weigh in with your opinions about how much you earn compared to your husband because that only has the potential to create more drama. Instead, find a way into a discussion about your finances. How it’s responsible for you both to leave wills know that you are a married couple. These details, while the main reason for you making a will, can be part of that larger discussion. That way, he won’t (fingers crossed) feel blindsided. Before telling him what you would like to happen, ask him, “How should we divide our estates?” Who knows? You may be on the same page. Also see: My boyfriend and I have two kids — should I pay off his $130,000 student debt?[2] Stepchildren are typically not included under state inheritance laws, so it makes sense for you both to clearly state who will receive your respective estates when you die. You can set up a trust for your son for the money he will receive from your mother. You can also create a separate savings account and other investment vehicles that will go to your son in the event that you predecease him. Your husband can do the same. Don’t miss: Should two people with $1 million in debt even consider getting married?[3] For your community property, I don’t think it’s worth getting into a messy conversation about giving your son 50% and your husband’s children the other half. There are three adult children and, as such, I recommend you split your community property three separate ways. By all means, ask him first what he would like...