Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Our financial plan is to spend what we have. Our son understands that. But we also dispense a good amount of "largesse" to him at times as well, he's struggling and not financially secure. So if we die young, he'll get the rest of the wad including three properties; if we linger into our 90's, he won't get much.
We're in the same boat as a few other poster's in that our pensions and SS will cover our expenses for some time even with inflation factored in. Dividends and growth from our investments should provide a good source for discretionary spending.
I've mentioned before we're looking at setting each of our 3 kids up with a Custodial Roth once they're out of college. Better than leaving it behind is to give them something that can compound for 30-40 years. That said we would still hope to have a significant sum to leave as well as a nice house.
Provided my kid/s don't do anything bizarre to where they would be disowned, the plan would be for them to inherit what I would leave behind. Now in the course of life if my families needs exceed what we need to live comfortably, then the inheritance would be reduced accordingly. However I'd much rather leave what we have worked for to our offspring rather than it go to the state or some other such place.
Of course if I were to become filthy rich, then there would be a limit as to how much I'd leave, because kids who inherit vast fortunes can actually have their lives altered in negative ways as well.
Not a priority, but I'd rather give it to a family member, even distant rather than squander it on stuff I don't need during my last decade of life. In other words, I won't be going on a spending spree just for the sake of getting rid of my nest egg. I probably will be inheriting something that was passed though a generation, so it would be best to keep paying that forward to future generations (I have no kids, but have niece/nephew). Right now the young teens seem to be normal, hard working, honest kids - but if I see they become unworthy of an inheritance, I'll definitely find another cause to donate to - most likely church, charities, local college scholarships, etc.
One option to consider is to buy a life insurance policy and spend what you have. Something I have been thinking about lately is the big thing is saving for retirement. Well what if we don't make it?
I'm not saying don't save or don't consider retirement I'm saying don't pass on life's enjoyments. The best inheritance we can leave is knowledge. If you teach those left behind how to make money or build assets then they can make their own money.
It's not like most people are living on the farms anymore where wealth was land and animals. This is 2014 with many more opportunities. So I say set yourself up for old age and live as best as you can.
I have no kids, hubby has two grown kids back in the UK. I have a sister and her two daughters who can have anything they want--I know of a few things (heirlooms) that they want and will get.
The rest of it, they can sell. I don't care. Before hubby left the UK he offered his two adult kids whatever they wanted of beautiful antique furniture, some of which had been made by their own grandfather. They didn't want any of it, nor did they want china, silver, etc.
His adult daughter is estranged and anyway she married and divorced a rich guy so she is set. His son is turning out to be a decent human being, albeit a late bloomer. We will try to leave a little something to him, his wife, and their future child and hubby will definitely leave family memorabilia such as his grandfather's WWI medals and a signed letter from the king. I wish we had more to offer them. If the British lawyers ever find the money that the criminal British lawyers stole from hubby, we'll be able to leave them more. They will need it far more than my nieces who are almost out of college and are already getting high paying job offers.
I'm an only child. No one to really leave anything to, other than distant relatives who don't bother to give me the time of day in life. Why should they get any inheritance from me in death?
Being frugal now, and will continue to be frugal as that is my basic nature. But will not go without in retirement. If I want to travel, I will.
We don't, but.....I don't see how you can't plan to have assets left no matter how you feel. As many have mentioned you have to plan for market drops and unknown life expectancy and health issues etc., so you need a reserve.
We don't have kids. We have a trust the cuts out money to take care of living pets first. Then a chunk to reward the executor for having to dispose of all the assets and such. Then a chunk to the pet rescue of our choice. The rest goes to siblings in even chunks, if they are gone then to their kids but it stops there.
Matt was a single guy living at home with his father and working in the family business.
When he found out he was going to inherit a fortune when his sickly father died, he decided he needed to find a wife with whom to share his fortune.
One evening, at an investment meeting, he spotted the most beautiful woman he had ever seen. Her natural beauty took his breath away.
"I may look like just an ordinary guy," he said to her, "but in just a few years, my father will die and I will inherit $200 million."
Impressed, the woman asked for his business card.
Three months later, she became Matt's stepmother.
Women are so much better at financial planning than men.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
