gauss
Thinks s/he gets paid by the post
- Joined
- Aug 17, 2011
- Messages
- 3,615
Gauss is going to receive a small (mid five figure) inheritance from his recently dearly departed father. It is not a life changing amount of money.
Instead of taking possession of the funds and assets directly and combining it with our other funds, I had an idea of transferring the inheritance assets into a revocable trust.
This would have the advantage of keeping the funds separate. We could see over time what DD's money has grown into and the possible good it could do down the road.
We could name it something like "The Dear Dad of Gauss' Memorial Trust" so that when we see financial statements we would be reminded of Dad.
I have pointed out purely emotional reasons for considering doing this. I am not doing this for any particular financial advantage.
Has anyone else considered doing something like this and does anyone have any thought on if it might be a particularly good or bad idea.
Thanks for your input.
-gauss
p.s. FWIW, Gauss and Mrs. Gauss do not have any children or siblings. Once 2 remaining parents and 1 grandmother have passed we will have no legal heirs outside of each other.
Instead of taking possession of the funds and assets directly and combining it with our other funds, I had an idea of transferring the inheritance assets into a revocable trust.
This would have the advantage of keeping the funds separate. We could see over time what DD's money has grown into and the possible good it could do down the road.
We could name it something like "The Dear Dad of Gauss' Memorial Trust" so that when we see financial statements we would be reminded of Dad.
I have pointed out purely emotional reasons for considering doing this. I am not doing this for any particular financial advantage.
Has anyone else considered doing something like this and does anyone have any thought on if it might be a particularly good or bad idea.
Thanks for your input.
-gauss
p.s. FWIW, Gauss and Mrs. Gauss do not have any children or siblings. Once 2 remaining parents and 1 grandmother have passed we will have no legal heirs outside of each other.
Last edited: