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Topic : 01/18 "Fighting Over the Will"

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Created on : Tuesday, November 22, 2005, 03:25:43 pm
Author : DrPhilBoard1

(Original Airdate: 11/29/05) When you imagine receiving an inheritance, you might dream that all your financial problems would be solved. But sometimes, the money is more trouble than it's worth. Eighty-four-year-old Aileen inherited a 2,000-acre farm after her husband died. But is her granddaughter, Amber, jumping the gun by wanting her mother's name on the title now? Then, Tracy says her 19-year-old son, Mark, changed when he came into a large inheritance this year after his dad passed away. She says the money wasn't what changed her son, but his long-lost friend, Brandon. Talk about the show here.

 

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November 29, 2005, 1:54 pm PST

Poor grandmother Aileen

Amber is disgusting and Davene has completely failed as a mother with a daughter who speaks to her grandmother the way she has.   

Based on what I saw today on the show,if I were Aileen, I'd be tempted to leave the farm to a charity or establish a foundation w/ proceeds from its sale and cut Davene and Amber out completely.  But, my second thought would be to leave it to Davene for her lifetime and upon her death, have the farm go to a charity or establish a foundation.  That Amber is a selfish, disrespectful and self-absorbed person. She needs a real life lesson:  you get what you give. She shouldn't get a damn thing. 

 
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November 29, 2005, 1:55 pm PST

Get a job Tracy

Tracy only wanted to limit her son's access to his money so that she can spend it. She has proven that already. If she was that worried about him spending it she would have put restrictions until he was 25, or something of that nature, and not made it accessible to herself.   It's not her money!! She divorced Mark's father and lost her right to that money. People these days worry me. What is the world coming to? What makes people honestly think that money matters more than family?!!!Without family you have nothing. Thank you Dr.Phil, "There is not enough money in the world...".Get a job and take care of yourself. We, as parents, are supposed to take care of and protect our children not the other way around!
 
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November 29, 2005, 2:00 pm PST

11/29 "Fighting Over the Will"

Quote From: jesdherl

 Shame on you granddaughter, and daughter!!  That women worked her entire life to build a home for her family, no wonder she just doesn't want to sign it over with the stroke of a pen.  I would be embarrassed if I EVER talked or even thought some of the things these horrible, greedy, selfish women have said about their mother, and grandmother.
Thank you!! Dr. Phil has to try and be impartial, but I'm glad you said it. They should all be ashamed.
 
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November 29, 2005, 2:02 pm PST

Dr Phil I disagree with you.

  

I also inherited a significant amount of money when I was 18. My mother kept it from me and it caused problems between us for ten years. Long story short, I put myself through college, graduate school, and a post master's program. If she had given me the money at 18, I never would have been this sucessful. I am very grateful to her for her "tuff" love. By not giving me the money, not only did I better myself as a person, but the investments grew expodentially.  Seventeen years later, I used a portion of the money as a down payment on my dream house. Thank you mom. 

 

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November 29, 2005, 2:09 pm PST

For Aileen and anyone in her position

When you put your daughter's name on title with you, you give that person a share of current ownership in the property.  That means: 

  • if she gets divorced, her spouse can make a claim to share in her interest in the land.
  • if she dies, her estate would include her interest in the land.
  • if she has creditors that she doesn't pay, they can register a lein against the land.  
  • if you want to take a loan against the land or sell it, you need her consent.
  • if you change your mind about who you wish to leave your land to, you can only change it if she is willing to sign a transfer of her interest back to you.

As you can see, this is a big step and is very risky.   There are times when it does save time and money though.  Before you take such a drastic step, please ensure that there really would be a substantial tax savings (check that with an accountant) and determine if there is a way to accomplish the savings without changing ownership of the land.   

  

If you decide to put your daughter's name on your land,  consult a lawyer about getting a trust document for your daughter to sign first that establishes that the transaction was for estate planning purposes only and is not intended to give her any rights to the land during your lifetime. The document should also include a promise from your daughter that would be binding on her estate to transfer the land back to you at any time at your request. 

 
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November 29, 2005, 2:13 pm PST

poor Aileen

I cannot believe the gall of the daughter and granddaughter. I'm sorry but when did it become okay to call your mother names??? What a lack of respect both of them have for another human being let alone their own family. I was appalled. I feel sorry for that poor lady for having them as her only living relatives. Typical response from those that have not been held accountable or responsible for taking care of themselves.... all I heard from them was excuse after excuse after excuse..... SHAME SHAME SHAME
 
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November 29, 2005, 2:17 pm PST

desperate

Type your topic description here. 

Dr Phil. I live in Ireland,and am desperate to visit my sister in the united states.she went there to live with my aunt.when she was 10 years old. I am 56 years old now,and want to spend my first x-mass with her. I live on a disability allowance of 148 euro per week. The problem is I cannot afford the air fare, and spending money while I,d be there. I have been to see her twice, i was working then, and her husband was very ill,so we didn't have a chance to get to know each other.I really want to know, why she was sent to the USA, and never wanted to come back. I was sexually abused as a child, i am having councelling, and am praying that she didn't go through the same horror as i did 

 
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November 29, 2005, 2:18 pm PST

Money :The Root of All EVIL

Most people can't possibly work a life time and make a Million dollars, but losing a parent is not 

worth all the money in the world. The two women who want their mother to leave them all that she has worked for b4 she is dead is ridiculous. For safety reasons only the grandmother should have made wills and power of attorneys, but if the two women want the land for greed, then granny should maybe change her will. My mom made my brother and myself equal partners with her b4 her death, so everything went to him and myself. Even tho he was older she gave us both equal amounts. So when the time came all we had to do was split what my mother left us, there wasn't 

a pennies difference. There were no arguments, or greed involved, well, there was the wife. But, 

my being the REAL DAUGHTER she quickly found out whose name was on everything. and it didn't 

spell Diane. 

  

 
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November 29, 2005, 2:19 pm PST

Unbelievable

The daughter and granddaughter are unbelievable.  They are the most selfishpeople I think I've ever seen.  They can't seem to stand on their own feet and are just after her money.  They said they worked but complained about being on welfare(I don't think they understand accountability). Sure they work!!!! Apparently mostly at trying to get her money. 

  

 It really doesn't matter what they want.  It is hers and should be up to her.  They even came up with I just want to keep the farm in my family but at the same time said they may sell it.  I hope all the people in their lives see exactly who and mostly what they are.  That woman should probably be afraid for her life and should never trust those two. 

 
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November 29, 2005, 2:21 pm PST

With respect

Quote From: shrimpety

My dad passed away eight years ago. Since he did not have a living trust, only a will, we paid over $250K in inheritance taxes. It does not sound like any of these guests have consulted with a probate or trust attorney to fully understand how the tax laws work. Some things are not taxed to the recipient such as life insurance, however the ESTATE does pay taxes as the value of the life insurance is included in the total of the value of the estate at the time of death. It was truly like my dad was being raped financially and wasn't even alive to defend himself. He already paid his taxes, he died and had to pay again! 

  

Putting your kids on title does not avoid the taxes either, it only allows your kids to take out a mortgage on your home against your will. It is considered a gift to a child and is a part of the estate.  

  

No matter how you slice it, if you want to minimize the tax consequences you need to consult an expert in tax & estate planning. The government gets their money one way or another and any loop holes that people think they can get through have been shored up by the IRS. If you go to www.irs.org you can research all of the rules around how estates are settled.  

  

I don't think these girls have their mothers best interest at heart. i think they are greedy and want their inheritance now instead of waiting. The mother who thinks she should control her son's money needs to give the boy HIS money and move on. I'd like to know how she was not required to hand it over sooner and has avoided legal charges. 

  

  

  

 You're wrong This is Canadian Law-not U.S.  

 
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