MMR -- tell my parents or not?

[cilantro]

Did grandpa tell you why he wanted to keep this a secret?

I'd tell.

[drloretta]

I'd tell grandpa I'm not comfortable keeping family secrets, and discuss how this information will be shared with ALL of his kids.

[livinitup]

Why would you keep the secret? I get feeling priviledged by being included in a financial discussions, but what is he trying to prove by sharing it with you, leaving you confused and then banning you from discussing it with your father?

Frankly, its HIS money and he can do whatever (legally) he wants with it. And he can share the details with whomever he wants and he can enlist whoever he wants to help him. I think it is WRONG for heirs to start thinking of it as "their money" and think they are entitled to information and input. And causes big problems.

Feel free to tell your dad that you heard some discussions on your ganrdfather's estate planning, didn't understand it fully - certainly not the details. Tell him that you got the impression that they were doing estate planning and if he had questions or wanted to offer advice, that he should ask and get involved. You don't have to and shouldn't report the bits and pieces you heard. But feel free to clear the air withyour dad if you feel odd sitting on financial half-details.

[moolarkey]

I inherited stock in a trust. My parents put it in their joint revocable trust. When my dad died it all went to my mom as a sole revocable trust. When she died her trust split in to 2 trusts. My brother's and mine. I don't understand moving the stock out of the trust to improve the value. If the trust is set to split when your Grandfather dies, a trust for each inheritor, then whatever stock they are to get will automatically become theirs IMMEDIATELY upon his death. Nothing to transfer, no legal stuff, no estate taxes, doesn't go through probate - they own it.

We each received 1/2 of all of the savings/checking accounts, property, cars/truck/motorhome/boats, etc. The only thing that wasn't in the trust was my mom's IRA, that can't go in to a trust and when it paid out to us, it was taxed.

Can someone on here explain how moving stock to a trust for this year and then back out next year will increase the value?

[Deleted]

Ditto mavjen - you keep it a secret unless you aren't sure about your grandpa's mental capacity (which doesn't sound like an issue)

[cvillern]

The Bush tax cuts expire this year therefore moving money intended to be an inheritance makes a lot of sense. Although moving it back to his name does not.

I am super close to my dad and would tell him.

[hannamaren]

Why does your Dad need to know? Or need to not know?
Sounds like it is not relevant for him (or you) to know.
Wouldnt tell.

[mokes]

I think I'd respect his wish as long as I felt reasonably certain grandpa wasn't being taken advantage of, and that my dad's siblings weren't trying to hide money from the other siblings (which I guess is the same thing).

[lys]

It is not your business nor your money. Stay out of it.

[Deleted]

I've been in that same exact situation pretty much and I told. But I don't trust my uncle generally and neither does my dad.

[cjeanette]

Cost basis is based on date of death when you inherit inless there has been a tax change in the last couple of month I am not aware of. Such a weird thing to keep a secret

Sent from my SPH-L710 using proboards

[cvillern]

Dec 9, 2012 21:23:08 GMT -5 cjeanette said:

Cost basis is based on date of death when you inherit inless there has been a tax change in the last couple of month I am not aware of. Such a weird thing to keep a secret

Sent from my SPH-L710 using proboards

That's why it doesn't make sense that he is putting it back in "his name". The only way this works in his advantage is by setting up a trust now for his heirs. Then the money would fall under the 5 million tax exclusion that is about to expire. But they would have full access to it now.

My parents are doing something similar for me. I think it's a little fishy that he is "swearing you to secrecy".

[Deleted]

Thanks guys!