Wow, I am SO very sorry to hear of this. I did not let my son even know I HAD a motorcycle for several years, because I did not want him to get the bug for one.
I can pray, and will. As to how to transfer the money down line, look hard into placing whatever life insurance proceeds come to you into a trust for the wife and especially the kid. IF you make it an irrevocable trust, then even an uninsured long term care stay for you or your wife will not bust the trust so long as it has been in place for more than five years. There are also ways to gift it tax free over time, pretty fast, without taxes due.
I am past president of the Walla Walla Estate Planning Council, feel free to PM me if you would like to and if I can be of some help. I have been retired for almost three years, but I still remember MOST of what I once knew.
Condolances and Prayers,
MARK
