Inheritance question

[justbecause]

Needing some clarification regarding inheritance verses gift. Parent's property has been gifted to oldest child with understanding it would be split up amongst siblings after both parents passed. We just found out about this arrangement as one parent is expected to pass soon. We have been preparing to file and are trying to cover all our bases. How is this type of arrangement viewed in regards to bankruptcy? Is this no longer considered an inheritance but rather a gift from the oldest sibling? Other parent is also ill but not terminal at this time, therefore money will not be distributed until a later date.

[despritfreya]

The problem I have with this is that a promise amongst family members is probably not enforceable. If the title to the property is 100% in the name of your sibling there is nothing legally stopping him/her from selling the property to John Doe today. Unless there is a written and binding contract to which you will benefit I am not sure there is an issue. If there is such a contract then you have a "future interest" in property and that "future interest" becomes an asset of the bk estate.

The reality is that a forum like this can only guess at what the ramifications are. You really need to sit down with an attorney and go over all of the facts.

Des.

[justbecause]

Thank you for the reply. This has all happen so quickly and I tend to start to overthink things and was curious what others thought. We have been preparing to file for a few months and I thought we had everything figured out. This is just something else for me to stress about, lol. This is on the list of things we need to discuss with the attorney.

[AngelinaCatHub]

I agree with Des, but you need not to stress over anything. I would not even ask for more info as in this case knowing nothing would be best. If your sibling decides to gift or not, your goal is financial freedom, not free wealth. If your sibling decides not to honor the alleged agreement, would you wish a family rift? If it were me, "I would leave it alone" as, of now, it is speculation. You are bringing on stress that is not necessary. 'Hub