I recently inherited my grandmother's $10+ million estate, but there are some complications. Advice, please?

when you collect your money, charter a copter to drop them in the middle of a jungle or deserted island and they can battle it out hunger games style.

question about seeing attorney wrote:

I called an attorney and he said to come and see him this Friday.

He didn't mention any money, so I presume there's no fee, or else he would try to have me agree to something when I get there. Am I correct about this, or should I call to confirm there's no fee? I have made no agreement for a fee.

Eddy Bane wrote:

Definitely no fee. Attorneys do stuff for free all the time. Your case fits the mould.

Thanks very much.

question about seeing attorney wrote:

I called an attorney and he said to come and see him this Friday.

He didn't mention any money, so I presume there's no fee, or else he would try to have me agree to something when I get there. Am I correct about this, or should I call to confirm there's no fee? I have made no agreement for a fee.

Yes, there will be a fee. It should be an hourly rate, not a contingent fee matter.

This will all be explained to you upfront and he will give you a letter explaining his hourly rate and ask you to sign it showing your agreement. It's nothing time sensitive. Take the agreement home and read it.

Make sure she is experienced in litigating wills. Ask her straight up, how many clients she has represented in will litigation matters over the last 2 years.

I also wouldn't trust this matter to a small firm or solo practitioner, find a good regional firm of 20+ attorneys with several that do estate planning.

Also, attorneys will churn hours with this matter. Don't let them. Give her a set budget of say 10 hours. Tell her you need to approve anything over that in writing.

This may just be a strange coincidence, but I had nearly this exact scenario as an essay question while in law school. The only big difference was that the inheritance totals equaled $5 million instead of $10.5 million.

question about seeing attorney wrote:

I called an attorney and he said to come and see him this Friday.

He didn't mention any money, so I presume there's no fee, or else he would try to have me agree to something when I get there. Am I correct about this, or should I call to confirm there's no fee? I have made no agreement for a fee.

For something like this, an initial consultation won't cost you anything. If the lawyer is competent, then the meeting is also to decide whether he wants to take your matter. My spouse turns down a lot of matters, often because the potential client seems wonky.

I should also point out the the advice of another poster not to look at small firms or solos is wrong.

I know a really good lawyer. You should call 1-800-areallygoodlawyer.

Thank you for the additional replies. In my case it's a living trust, I'm the trustee, and looking to avoid a change in property tax. The attorney said he'd need to see the trust and how it is worded.

This is horrible advice. Simply because you shouldn't be giving advice at all because you have no idea what you are talking about. The OP didn't didn't tell you anything to give advice. The Uncle has a right to legal action if he wants. Hate America if you disagree with that but that is the way it is. The only advice the OP should have is what questions he needs to ask himself. Did his grandparent give him the inheritance because his Uncle is an A-hole and didn't want him to have it? if yes, okay maybe he should keep the inheritance. But what if the grandparent gave it to the OP just because she was punting responsibility on how to divvy up the inheritance to him. Does the OP honestly think all of it should belong to him? Again, that is the question he needs to ask himself.

Flagpole wrote:

OP,

1) First of all, assuming you haven't already told the family members that you're keeping it all, that uncle of yours is out of line. I'd split it up evenly, but tell him he's an a$$hole for going right for the legal action route.

2) DO split it evenly, but make sure you are compensated for any extra legal fees you incur, and maybe even a little bit for your time...that's only fair.

Send me an email at my personal email at spencerknight89@gmail.com. There is a very easy answer to this question. I can give you some advice about what to do. I won't spend time giving advice here because if the story is false I'll waste my time. If it is true I will see an email.

Depending on how much of the exemption the husband used, zero estate taxes may be due.

Good Problems wrote:

Thank you to the people who've chimed in with advice. I do intend to see a lawyer about this. Another concern I've thought of is what if I offer a split and then get taken to court anyway. Will it hurt me that I offered a split, making me look guilty?

Go for a negative split

I'd be more willing to play along if you were just honest and said you made all this up and you just wanted to know what people would say, given this set of circumstances.

you troll hard son, but not hard enough

4/10

Meh.

1) Just because someone has a RIGHT to take legal action doesn't mean it isn't a d!ck move to do it.

2) Of course there are possible extenuating circumstances, but if all those people were initially in the will to get an equal cut, and then all of a sudden it was all just left to him (this is what it sounds like), then IF IT WERE ME, I would go back to the original plan, taking any extra for my legal fees and any extra time I had to spend on it all. This is how I would feel the best when having to deal with family members the rest of my life, so that is my advice to him. He can take it or leave it.

sbeefyk1 wrote:

Send me an email at my personal email at

spencerknight89@gmail.com

. There is a very easy answer to this question. I can give you some advice about what to do. I won't spend time giving advice here because if the story is false I'll waste my time. If it is true I will see an email.

So you were born in 1989? I'm sure he'll be running to you for answers.

Who made you an expert. Flagpole's advice is what the OP needs. Spot on, as usual.

I know absolutely nothing about the legal side of this, but if you think that you have a decent shot at winning in court, definitely go for it. You would be able to live an immeasurably better life with 7.5 millions in the bank, provided that you are smart about spending it. Also, your family kind of sound like a**holes anyway, it seems to me like they just want the money and couldn't care less about your grandmother. You were the one who took care of her, not them, and she probably changed her will because she thought the same thing about them that I do. Keep the money.

rojo wrote:

It sounds like Uncle Sam will take 40% of anything over $5 million anyway.

If you take it all, then you are making a $2 million donation to Uncle Sam. Plus probably another 1 million in legal fees.

That's a good idea, but 40% over $5 million would leave 8 million to him, and $2 to taxes, vs just 2.1 million to him. If you had 8 million, would you give 6 million to me?

I think not.

Likewise if he kept 5 million instead of the 8, he'd still be giving away 3 million, which is not a good idea.

He should abide by and fight for his grandmother's wishes, use the money and estate to honor her and live his life in the best ways possible. Maybe the second 5 million could be invested in some ways to minimize any loss to taxes.

watching the yardarm wrote:

Get a life wrote:

You didn't inherit anything, and you know it.

I'm sick of these thread titles ending in question marks, they are so formulaic, they are obviously the product of a deliberate effort to keep the messageboard alive.

Most of us read these for entertainment. After all the alternative is to actually do something in the office and that is usually not entertaining in the least.

LOL

Does your office overlook a marina?

I would also add that just because the Uncle says it can be contested does not mean that it can be contested. He is trying to scare you into settling; never take the word of the adverse party or opposing counsel. Hire an attorney first.

As has been repeated, find a probate, wills and trusts lawyer. DO NOT call someone who has a commercial on television or a huge add in the yellow pages. These are personal injury lawyers, who will take one-third and then not do anything on your case. They will try to settle early so that they can get their one-third with as little time invested as possible. That one-third is called a "contingent fee." When you interview lawyers, make sure they charge by the hour and not on a contingent basis. Google "Martindale-Hubbell" and search for probate lawyers who are AV-rated in your area.

You had noted that you are the trustee of the living trust. Are any assets not in that trust? If so, probate may be required. Who is designated as the personal representative in the will? The reason I ask is because the money to pay your lawyer has to come from somewhere, and if you are the personal representative or trustee you may have some leverage. You are merely defending what the will or trust says, so the more your family fails to cooperate, the more you (or the personal representative/trustee) will pay in fees out of the estate, and the smaller the estate which could be split between them if they prevail. However, if probate is needed and you are not the personal representative, I would wait until the personal representative is appointed by the court before you do anything. You will need to coordinate with them, as it will be their job to do the legwork on fighting a will contest.