A 37-year-old man, whose identity has been kept anonymous, has found himself in the middle of a family feud over his inheritance.
A Hefty Sum
The man’s grandmother, who is still alive at the age of 95, has an irrevocable life insurance trust (ILIT) worth $800,000. The trust is to be split equally between the man’s uncle and his mother, who died of cancer two years ago.
Rules Are Rules
As per the rules of the ILIT, the man has become the sole beneficiary of his mother’s portion, which is $400,000.
A Split Between Cousins
However, things took a turn when the man’s uncle approached him, requesting that he give his son, the man’s cousin, $200,000 of the $400,000 he inherited from his mother.
A Mother’s Wish
The uncle claimed that it was now his mother’s wish that the money be split equally between the two cousins. The man’s uncle also revealed that he would be keeping the full $400,000 from his own portion of the inheritance.
“I am her son, she would want me to keep the whole sum.” His uncle happily quipped.
The Legalities
The man was asked to sign a contract to give up $200,000, but legally, the uncle cannot change the rules of the trust or the beneficiary.
A Sad Escalation
The situation escalated when the man’s grandmother, who has dementia, began calling him, demanding that he split the money equally between the two cousins. She has no knowledge of the trust being the source of the money and has been coached by the uncle to demand an equal split.
Bad Family Vibes
The man’s aunt, the uncle’s wife, also sent him a text, accusing him of being a bad grandson and having no relationship with his grandmother. The man loves his grandmother dearly and wants the situation to stop. “They keep texting me telling me I’m greedy,” the emotional man says.
A Complex Situation
Adding to the complexity of the situation, the uncle claimed that there would be no money in his mother’s estate at the time of her death due to her high cost of living. Therefore, there would be no money for the man or his cousin from her estate.
The Reason Behind It All
This is why the uncle wants the man’s mother’s portion of the inheritance to be split up for his son, who he claims will get nothing from his grandmother. The man sought legal advice and was informed that the uncle was in the wrong.
It Cannot Be Changed
The trust was set up to be irrevocable and cannot be changed. The money is solely his as the beneficiary of his mother, who passed away. He has no obligation to split the money with his cousin.
Legal Advice
The man’s attorney also suggested that he ask for a copy of the trust and, if it’s not received, to demand it in a legal letter. The uncle’s behavior has been deemed as greedy, and he has been accused of unduly influencing the grandmother against his fiduciary duties.
The Attorney’s Suggestion
The man’s attorney suggested that he speak with his cousin and see if he can calm the uncle down to give him a last shot at coming to his senses. If the calls from the grandmother increase, the man could register an elder abuse claim and take further legal action.
A Shocking Turn
The situation has become even more complicated, as the man has received a video from his uncle, in which he crumples up and tears apart the insurance premium bill.
“You have a big decision to make,” says the uncle, with a sinister look in his eyes.
Torn By Family Love
The man is torn between his love for his grandmother and his desire to protect his mother’s portion of the inheritance. He feels that he is being unfairly pressured by his uncle and is concerned about the well-being of his grandmother, who is being manipulated and used as a pawn in the family’s dispute.
The Internet Responds
One commenter wrote, “Your uncle is pulling a scam on you and even if your grandmother “agreed” to something she is not of sound mind.
Another said, “I think you should ask for an accounting of your grandmothers other assets. I think he stole a lot of her money.”
Further Internet Support
This comment said, “this sounds like a red flag for elder abuse. Please report it to the authorities. Please.”
Another wrote, “If this is what grandma wanted she would have set it up long ago. Your uncle and cousin are greedy and think they deserve everything. Nothing to be lost from losing contact with them.”
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