Reddit reviews Beyond the Grave revised edition: The Right Way and the Wrong Way of Leaving Money To Your Children (and Others)
We found 3 Reddit comments about Beyond the Grave revised edition: The Right Way and the Wrong Way of Leaving Money To Your Children (and Others). Here are the top ones, ranked by their Reddit score.
Wow. How much money? She needs to talk to a lawyer. Your wife can put it in a trust with an institutional trustee and designate the money be limited for certain purposes/ages. For instance, you do want the money available if they have serious medical needs while they're a minor.
While it's not exactly right for your situation, I recommend the book http://www.amazon.com/Beyond-Grave-revised-Gerald-Condon/dp/0060936312 for helping to think about the pitfalls around trusts. People are often reluctant to make them restrictive, but restrictions can often be in the beneficiary's best interests. Especially if they have a mother who may be a loose cannon.
Estate attorneys have incredible bags of tricks up their sleeve.
You might want to get granddad a copy of Beyond the Grave, a book about estate planning gone wrong that gets mentioned a lot on Bogleheads. Then find a stand-up attorney who can help minimize estate hassles that you and your parents will have to deal with someday.
You need to read Beyond the Grave. I remember that it dealt with your type of situation.