Of course it is legal. Well, maybe that depends on where you live. In the US, you can leave all of your assets to anyone you choose, they don't even have to be related. It could even be a charity. Sometimes, there is a reason to leave all assets to one child and not the other. Is the daughter disabled in any way?
Surviving Spouse: Inherits 100% of all community property always. Spouse and two or more children (of deceased): 2/3 of Separate Property. Children share equally of the 2/3 share.
One good way is to leave the inheritance in a trust. The trust can be set up with some provisions, such as making distributions over time.
Yes, it is. In a will or other estate planning such as a trust you can leave your assets to anyone of your choosing. It does not have to be your kids at all. Other family, friends, charities, churches, schools, care of your pets, etc. You can leave one child more than another, you can omit a child entirely.
Family members related by blood, marriage, or adoption can inherit your intestate estate. Intestate succession laws do not favor any family member not related biologically or with whom you have not signed a legal agreement. These people include: Stepfamily (stepchildren, stepparents, stepsiblings)
It's not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child's money is in a specific trust and you abuse the funds.
Custodial accounts (UGMA or UTMA) allow you to gift money or property without immediate tax implications, with the assets managed by a custodian until your heirs reach adulthood.
“Trusts are the most common vehicle to protect and impact assets with some control. Parents can activate a trust while they are still living or have a trust created at the time of their passing," he said. "Trusts can also limit distributions made to current or future spouses.
In these circumstances, a trust can help set up specific management plans for your assets, provide tax benefits and give your beneficiaries time to adjust to having assets held for them. If you have a straightforward estate and mature adult children, leaving assets outright to them might be appropriate.
If your spouse chooses to cut you out of their will, there are protections for you. A surviving spouse is entitled to elect against their deceased spouse's will and receive a certain portion of the decedent's estate.
Assets inherited by one partner in a marriage can be considered separate and owned only by that partner. However, inheritances can be ruled as marital property jointly owned by both partners and, therefore, subject to division along more or less equal lines in the event of a divorce.
While some marital assets pass by default to the surviving spouse, some assets pass to the surviving spouse by way of beneficiary designations. There are two types of designations: payable-on-death (POD) designations and transfer-on-death (TOD) designations.
While your spouse is free to leave, removal of your children against your will is a violation of your right as a parent – as well as a violation of your children's right to have access to you.
Withholding access to marital funds without cause may constitute financial abuse. This can be considered illegal, especially when used for control or punishment.
In the event of death, your money and assets may not automatically go to your spouse, especially if you have children of a prior marriage, a prenuptial agreement, or if your assets are jointly owned with someone else (like a sibling, parent, or other family member).
Ideally, your child can sign a prenuptial or postnuptial agreement to negotiate that their future inheritance is separate from marital property.
That said, an inheritance of $100,000 or more is generally considered large. This is a considerable sum of money, and receiving such a windfall can be intimidating, especially if you have limited experience managing excess funds.
From this perspective, if you are inclined to give, you should gift as much as you can comfortably afford during your lifetime, while remaining aware of the available step-up in capital gain basis for inherited assets. So, gift your assets that have minimal gains and save your most appreciated assets for inheritance.
Bottom Line. California doesn't enforce a gift tax, but you may owe a federal one. However, you can give up to $19,000 in cash or property during the 2025 tax year and up to $18,000 in the 2024 tax year without triggering a gift tax return.
Typically, the estate will pay any estate tax owed, with the beneficiaries receiving assets from the estate free of income taxes (see exception for retirement assets in the chart below). As a beneficiary, if you later sell or earn income from inherited assets, there may be income tax consequences.
The law likely varies depending on state laws where you live, but typically kicking out an underage child (usually a minor younger than 18 years old) is regarded as child abandonment, which is a crime under state law.
Yes. You can make as many withdrawals as you like and there are no charges for doing so. On the child's 16th birthday, the account will change to an adult Easy Saver.