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Pretty common for wealthy families I think. I know one lady who has never held a job, lives off trust fund since 21. She is in her 50s now and not worried about a thing. Realistic? Don't know.
I am a fan of the SKI strategy (Spend the Kids Inheritance). 😁 Actually because it will be too difficult to arrange things so as for the check for the undertakers to bounce, there should be enough for a pleasant surprise for our children.
My step-father worked for PG&E for over 40-years. They gave him great benefits and stock options. From every paycheck he invested further into the company stock. For many years he kept promising his only daughter that when he died she was going to get all of his PG&E stock.
So she built her life around the idea that when he died, she was going to be wealthy.
In time, he died, and after the funeral, we learned that in his retirement he had sold all of his company stock. He had spent it, all. He had not told anyone what he was doing.
My step-sister is furious.
In his will, he had specifically laid out that all of his PG&E stock was to go to his daughter, and the rest of his estate was to be divided among all heirs. But his stock had all been sold years previously.
So it became a feeding frenzy for a group of lawyers. [ie, it got ugly]
If I can ask, what was the result of this? That's so sad a Dad could do that to his daughter.
It amazes me how many folks justify stiffing their own flesh and blood out of their rightful inheritance.
I know a couple of single people in their mid-40’s who have accumulated no assets and their retirement plan is to wait until their parents die and leaves them their assets/inheritance.
Have you ever heard of this or seen this?
Yes, among idiots. People don't always drop dead at a convenient time for you.
I know a couple of single people in their mid-40’s who have accumulated no assets and their retirement plan is to wait until their parents die and leaves them their assets/inheritance.
Have you ever heard of this or seen this?
Depends who you are.
There can of course be some REALLY HUGE landmines there like if "dad" remarries at 80 with no pre-nup or will and then dies and new wife cuts out the kids type stuff.
However, for those with their chit together....I have a childhood friend and a current best bud that both stand to gain many millions in inheritance and I'd put that likelihood at 99%....but that 1% is a b*tch huh?
I'm a old-school saver so whatever I get in inheritance is gravy upon gravy but I fully respect each persons situation being different.
Life's too short to be worrying about other peoples stuff unless they're directly impacting you.
If I can ask, what was the result of this? That's so sad a Dad could do that to his daughter.
It amazes me how many folks justify stiffing their own flesh and blood out of their rightful inheritance.
I wouldn't have a problem with what the Dad did if he didn't make a promise he didn't keep. In other words, it's his stock to sell as he pleases, but in that case, don't make empty promises, that's a shocking lack of integrity and bad example to not be true to one's word to his daughter.
If I can ask, what was the result of this? That's so sad a Dad could do that to his daughter.
It amazes me how many folks justify stiffing their own flesh and blood out of their rightful inheritance.
Nobody has a right to an inheritance. Absolutely nobody.
People don't retire so they can live like paupers and leave an inheritance for the kids. They retire to enjoy their post-working years. They have every right to spend their own money, and their heirs have no say in the matter. Absolutely none.
Seems most people I knew who did this inherited money from grandma while still in their 20's. Didn't work for years. Unqualified for anything beyond minimum wage when they had to start.
My dad passed, 10 years after he retired. He worked as an accountant, Federal job all his life. Made good money. Did not own any real estate. Knew how to invest. Unmarried for the previous 25 years, lived modestly.
Total estate to be divided was about $100K. I got about $45K. At the time I had more in investments than he did.
Which is to say, no one knows how much an inheritance will be. Don't count on it.
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