By Lisa @Privilege
I inherited my first slice of our fading family fortunes at 21. I remember sitting with my father in the sunroom. The rattan furniture was covered in a burnt orange, batik-ish fabric. I was reading a book, he his mail. Then he said something like, “Aha.” Or, “Well.” One of those exclamations that indicate a shift.
He explained that one of his mother’s sisters had died, without heirs. Of the four girls, only two had children. One of them, my father’s mother, had only him. As a result, he would inherit some of his aunt’s estate. But, rather than take possession of the assets, he was going to pass them down to us children, right away.
Generation-skipping, I think it’s called. Favorable tax implications, I think. Generous... More...
