Greed

My uncle can be a bit annoying. We never have very long conversations on the phone (when he calls, or I give him a call, it's usually like a minute or less) and when I do try to talk or explain anything you can tell he's not fully listening and saying ok and ending the call before I can get more than a few sentences out. Not that I like to talk on the phone either, but I do like to communicate effectively. A couple of weeks ago he texted me (already!) asking me when he's going to get his share of the inheritance. Seriously. He had some story about his accountant needing to know when because of reporting his income for his veteran's disability. It was like 9:30pm my time when I got this text and I just replied that I would email him in the morning with what info I had at the time. I decided email would be the best way to make sure I was able to explain all this without him trying to end the call before I was done and only half listening.

I then emailed him a very good explanation of how this is going to work. That mom's retirement IRA account is a separate thing from her will/estate and will be distributed per the beneficiaries set up on that and his share is 5% and while I don't know the exact amount it will be, because it's tied to the daily stock market fluctuations, when her account is closed, his share should be around $40,000. I told him I do not have a timeline, but nothing could be started until I get the death certificate to send them, and I didn't know how long that would take, either. I also explained that her will was likely a moot document as since all her money was in her IRA and a little in a joint checking with me on it, there will be no "estate" to distribute as she no longer owns a house, furniture/etc, or car to sell. On her will she had him at 30% (good grief!).

I also explained, that unlike an inheritance through a will, this inherited IRA is taxable upon distribution and that he would have 3 options with it: take the full distribution at once, keep it in the inherited IRA set up and withdraw within 10 years, or move the account to a different investment company of his choosing.

He acknowledged shortly after I sent the email that he got it. Then yesterday the investment office started working on calling the beneficiaries to start working on setting up the inherited IRA accounts for everyone. He calls me and says "I thought I was getting 30%, but the lady told me it's 5%". I said yes, that's correct. I explained all that in that email I sent you about how her IRA beneficiaries distribution is not a part of her will and gets distributed per the percentages she put on that. "Oh ok. I guess you did say that.". I also told him that I verified with her estate attorney the day prior that her will is a non-issue, since she no longer has any assets, like a house or car (the car that he got!) and he did say yes, I got her car.

He'll get the money when he gets it. I have no control over how long it takes. I even mentioned to him that if he was getting money from her will it would likely take at least a year to go through probate. (and the attorney verified this for me during our call).

And veteran's disability?? He is not a disabled vet! Never in my 60 years have I heard of him being a disabled vet from either him, my grandparents, or my mom. He was in the Army for whatever the minimum time was when he was 18 years old. He then got out, went to college for teaching degree and was a teacher his whole life, until retiring. I'm sure it was just one of his fibs so it didn't make it sound like he himself wanted to know when he's getting the money. 

Not to mention all the money my mom has given him over the years (since my stepdad passed). I'd have to go back through her checkbook registers, but it's over $30,000. And I know of at least a couple of those times my mom had told me she loaned him money (to buy a car he was going to fix up and sell) and he was supposed to pay her back and I never found any evidence in her banking that he ever did. The guy is almost 80 years old. He's lucky to be getting any inheritance! As it stands, he's getting a very decent $40,000. I'm sure he has it spent already (or spent what he thought he was getting). I'm pretty sure if I was 80 years old and was getting some inheritance, I'd be saying I don't need that - please give it to the kids or grandkids.

Hopefully the accounts will be set up soon and he'll have his money and I don't have do hear about it/deal with that aspect anymore. Of course I will keep in touch with him and make sure he's doing ok, as I have been since mom was no longer able to. He lives 500 miles away. No wife or kids.