Page 8 - Boomer Times Magazine September 2020 Issue

Family Feuds

By Mark Morowitz, CPA
Can we talk about family feuds? No, not the television show in on what to do. You can imagine how awful it can become when
which you push the buzzer to blurt out a seriously funny answer, they stop speaking and socializing simply because of a differ-
but rather the disagreements that befall members of a family that ence in expectations of what to do with their inherited assets.
tend to have different needs, wants and ideas about sharing in It’s important to remember that while you believe you are doing
family assets. the right thing and think your children would never behave like
I’m sure we all know someone who has been through this “kids” in a disagreement, it happens all too often. Don’t make
problem and the results typically end worse than the problem. hasty decisions when drafting your will. If your beneficiaries are
Let’s follow the road to hell which is paved with good intentions. mature enough you can even ask for their input. They may have
I raise these issues in order to increase the awareness of what some good ideas and remain friendly and family forever. Isn’t
happens in the end in order to promote thought about handling that what you really want?
certain situations in a different way. Be sure to speak to a financial professional first.
Let’s assume you are parents of 5 grown children, 3 of whom Call Mark Morowitz at 609-338-3603 for a free consultation, or go to:
are settled and not in any need of your financial assistance. The MorowitzCPA.com.
other two have never shown the desire to settle down or make
a lot of money, so you decide that your house should be left to
them jointly when you pass and they will have a place to live and
ultimately sell for some retirement assets.
All is well until one of the kids decides to settle down after you’re
gone and gets married and moves into his/her spouse’s resi-
dence leaving the sibling alone to live in the house. They come
to an agreement on paying the bills, but when the remaining
sibling decides the house is too large and wants to sell in order
to downsize, all hell breaks loose. The married sibling doesn’t
want to sell. Because they own the house jointly, they must agree

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8 / BoomerTimes & SeniorLife BoomerTimesFL.com OCTOBER 2020