Are there any legal/tax reasons that prevent someone from skipping a generation for inheritance?
I’ve suggested to my mother-in-law that she skip us in her will and to leave everything to her grandchildren instead. She doesn’t think she could do that for some reason. I’ve suggested she talk to her lawyer to see what they recommend.
My wife is an only child, so everything her mom has will either go to her and/or our kids. I’ve planned for early retirement without any inheritance, so we really don’t need or plan on the money. The estate is primarily a small farm that is paid off and currently being rented for income. I estimate the farm is worth around $1 M. I have no idea the tax impacts based on my suggestion. I just assume that one less round of inheritance tax is better.
I’ve even suggested she divide it up among all three in case skipping her daughter was a physiological issue.
I’ve suggested to my mother-in-law that she skip us in her will and to leave everything to her grandchildren instead. She doesn’t think she could do that for some reason. I’ve suggested she talk to her lawyer to see what they recommend.
My wife is an only child, so everything her mom has will either go to her and/or our kids. I’ve planned for early retirement without any inheritance, so we really don’t need or plan on the money. The estate is primarily a small farm that is paid off and currently being rented for income. I estimate the farm is worth around $1 M. I have no idea the tax impacts based on my suggestion. I just assume that one less round of inheritance tax is better.
I’ve even suggested she divide it up among all three in case skipping her daughter was a physiological issue.
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