I have an interesting and true dilemma and I'd like to seek opinions from all of you. No we have not spoken to lawyers yet.
My father-in-law possibly has an estate worth 1.5 to 2 million dollars. He is currently 65 years of age but we have every reason to believe he will preserve his principal of 1.5 million and live off of a generous pension and investment income for the next few decades. Current thinking is my wife and her sister are to be sole beneficiaries of a cottage worth say $600 000.
My wife's sister is schizophrenic and is unable to work or support herself without social assistance. She is unable to live by herself and would be incapable of maintaining a cottage. My wife earns $100 000 a year, is very mentally stable and is married to me, and I'm in m.i.fin-plan so I hope it's established that I'm fiscally responsibly and of sound mind.
We believe my wife's father is structuring his will to have his cottage left to both my wife and her sister equally, and that a large amount of estate money perhaps all will be legally binded to ensure the upkeep of the cottage. We believe he would also find a way to PREVENT the sale of this cottage forcing his beneficariesto keep this cottage.
To put this in context, my wife's father wants his legacy tied up in his cottage and will be prepared to tie up all his money into upkeep of this cottage. My wife and I DO NOT want any part of this. We are unwilling to share ownership with a mentally ill co-owner and will not make any effort to visit this cottage or pay for it's upkeep. My wife and I are prepared to walk away from $750 000 or possibly more based on principal.
And if people must know my wife's father is very abusive and very creepy. He is a sex addict and a destroyer of families. He will never be allowed around our children. He is also a criminal court judge and used to own a former law practice so he knows law and knows plenty of people who know law.
So with all this in mind, is it possible to refuse this inheritance. Yes, it's true, I'm seeking advice from strangers on the possibility of walking away from 3/4 of a million dollars.