Joint account or separate account

[DrPhil]

Originally Posted by 33girl

See my above example.

Assets you inherited and assets you made are very different. Since B didn't inherit shit, it isn't different for her.

The average person in North America is not inheriting assets, let alone assets from 1812.

Most people don't inherit shit and that is particularly the case for people of particular socioeconomic statuses and disproportionately the case for racial and ethnic minorities. So, this topic should be understood and discussed from a range of life experiences and social statuses.

Assets you inherited and assets you made are the same thing if you consider it all your assets. These are all constructed legalities and constructed realities. When I inherit my parents' assets I will do so not because my parents want to keep peace in my family. Instead, as my parents have documented, my parents' goal is to divide their assets however they see fit. In turn, as they have also documented, my siblings and I can handle the assets that we attain as we see fit. That can include keeping the assets separate from our spouses or making legal adjustments to share these assets with our spouses. That includes selling assets and putting the money wherever we see fit. Therefore, these assets that we inherit are not that different from assets that we made ourselves.

[agzg]

Originally Posted by DrPhil

The average person in North America is not inheriting assets, let alone assets from 1812.

Most people don't inherit shit and that is particularly the case for people of a particular socioeconomic status and disproportionately the case for racial and ethnic minorities. So, this topic should be understood and discussed from a range of life experiences and social statuses.

Assets you inherited and assets you made are the same thing if you consider it all your assets. These are all constructed legalities and constructed realities. When I inherit my parents' assets I will do so not because my parents want to keep peace in my family. Instead, as my parents have documented, my parents' goal is to divide their assets however they see fit. In turn, as they have also documented, my siblings and I can handle the assets that we attain as we see fit. That can include keeping the assets separate from our spouses or making legal adjustments to share these assets with our spouses. That includes selling assets and putting the money wherever we see fit. Therefore, these assets that we inherit are not that different from assets that we made ourselves.

My dad and his fiancee just signed a pre-nup that protects their children from intermixing of inheritances. So, should he die first, his fiancee gets a portion of his (singular) assets but the bulk goes to my brother and I. Should she die first, he gets a portion of her (singular) assets but the bulk goes to her children. This was so that the financial portion of my mother's (singular) assets will not go to some other person's kids, which is all documented in his will, as well.

For example: They currently live in a house that she built and is paid off, while my dad is selling his house. Should she pass away, my dad will find another place to live, while her children will inherit her house. This is all understood from day 1 so it's not a problem that any of us disagree with.

They're both (separately) financially stable though so it's not like she's going to not be able to continue with her standard of living should they break up or should my dad die.

Of course, should they need to sell everything they own and liquidate all of their funds for something, it's not like they need to ask our permission to do that. It's all still theirs right now.

Just giving an example of how a pre-nup isn't always in place just to protect yourself, it can also protect your kids.

[DrPhil]

Originally Posted by agzg

My dad and his fiancee just signed a pre-nup that protects their children from intermixing of inheritances. So, should he die first, his fiancee gets a portion of his (singular) assets but the bulk goes to my brother and I. Should she die first, he gets a portion of her (singular) assets but the bulk goes to her children. This was so that the financial portion of my mother's (singular) assets will not go to some other person's kids, which is all documented in his will, as well.

For example: They currently live in a house that she built and is paid off, while my dad is selling his house. Should she pass away, my dad will find another place to live, while her children will inherit her house. This is all understood from day 1 so it's not a problem that any of us disagree with.

They're both (separately) financially stable though so it's not like she's going to not be able to continue with her standard of living should they break up or should my dad die.

Does this safety measure include divorce or only death?

[agzg]

Originally Posted by DrPhil

Does this safety measure include divorce or only death?

That portion covers only death.

The divorce portion I believe is quite simple (well, in theory) - listing of major assets/accounts, and whoever has what prior to marriage has that after (if it's still around). For joint acquisitions, they have a 50/50 split if they can.

This is because they're retired so while they don't necessarily have a tight budget, it is a fixed income. So there won't be any "I put you through school and now you make X amount of money."

I know they worked on it for a really long time. They seem happy with it, so I'm happy with it. None of that stuff is "mine" anyway - my dad already gave me a lot of things that were my mom's that hold more sentimental value than her life insurance payout. That was for him.

[DrPhil]

Originally Posted by agzg

That portion covers only death.

The divorce portion I believe is quite simple (well, in theory) - listing of major assets/accounts, and whoever has what prior to marriage has that after (if it's still around). For joint acquisitions, they have a 50/50 split if they can.

This is because they're retired so while they don't necessarily have a tight budget, it is a fixed income. So there won't be any "I put you through school and now you make X amount of money."

I know they worked on it for a really long time. They seem happy with it, so I'm happy with it. None of that stuff is "mine" anyway - my dad already gave me a lot of things that were my mom's that hold more sentimental value than her life insurance payout. :P That was for him.

Makes sense!

Pre-nups; separate accounts; and separate investments all protect oneself or family/kids (for those who have family/kids to protect). Protection is protection regardless of who is being protected and where the resources are coming from. That's what Centaur1963 was saying.

[agzg]

Originally Posted by DrPhil

Makes sense!

Pre-nups; separate accounts; and separate investments are all to protect yourself or your family/kids (for those who have family/kids to protect). Protection is protection regardless of who is being protected. That's what Centaur1963 was saying.

Right right right I was just giving a "real life" example. I'm also lucky that my dad/his fiancee are very pragmatic people and could see that there might be conflict in the future, since I don't get along very will with her daughter (thankfully we're grownups who only have to see each other a handful of times in our lives and live very far away from one another) so wanted to lay out the terms of their pre-nup/wills with us prior to their wedding since she is the executor of her mother's will, and I am the executor of my father's will.

I'd hate for my father's/mother's assets to be sold to fund a tea party rally.

[DrPhil]

Originally Posted by agzg

Right right right I was just giving a "real life" example. I'm also lucky that my dad/his fiancee are very pragmatic people and could see that there might be conflict in the future, since I don't get along very will with her daughter (thankfully we're grownups who only have to see each other a handful of times in our lives and live very far away from one another) so wanted to lay out the terms of their pre-nup/wills with us prior to their wedding since she is the executor of her mother's will, and I am the executor of my father's will.

I'd hate for my father's/mother's assets to be sold to fund a tea party rally.

I understand. This all helps those who do not want all of their eggs in one basket.

Yes only her own money can be used to fund "tea parties."

(I keep saying "right right right...." LOL)