For older single people with no kids but have money, who will you leave your assets to? (attorney, military)
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We have a very detailed trust designed to keep our families from touching a single penny. I only have one living relative and he's not worth a second thought. We have several children in our life and some very close friends as well as the humane society as beneficiaries of the trust. The trust includes several pieces of expensive jewelry that goes to treasured friends. There are provisions for our animals as well. Best case scenario: The last one of us dies with ten cents in the bank at a very ripe old age. Worst case scenario: The plane goes down, hopefully after we've just had a fabulous trip. I don't want my dieing thought to be about people enjoying what we worked so hard for that we want nothing to do with. I'll die with a smile on my face about that. They're not touching a dime.
What are the provisions for your animals, do you mind me asking? I have pets & probably always will have and have been wondering what to do about that.
You might want look carefully at how they spend their money before you do that. Very little goes to saving animals. There is even some talk that they may lose steir 501 (c)3 status.
There are FAR better animal oriented charities that deserve your generous support.
The only valid site you linked to does NOT give any concern about the Humane Society.
The Charity Navigator says nothing but good things, that I saw. There is that one document where six congressmen filed an application for the removal of tax status of HSUS BECAUSE THEY WERE REPUBLICANS, and HSUS was working against things and businesses that those Republican politicians were working for: organizations against animal rights, hog farmers, sportsmen, etc.
Then when the tax exempt status wasn't revoked, it was turned around to attack the IRS: the IRS gave them exempt status because they're in cahoots with them!
Totally ridiculous, and all to stop the organization from working on its cause to save animals and stop abuse and suffering of animals.
This is of no concern whatsoever. It was only six Congressmen doing the bidding of those who gave them money.
It's surprising to me how many people intend to leave the preponderance of their fortunes to animal-related causes/charities. Have we given up on humans? And most of the animals in question are pets - bred for the pleasure (in my opinion, selfish pleasure) of humans.
I have no living relatives, and few close friends. Yet this paucity of direct human companionship is all the more reason to invest in humanity in the large. My current plan is to leave most of my material wherewithal to the university from which I obtained my graduate degree. The idea is to endow a few professorships, maybe fund scholarships, or (if the stock market holds up) a new building or two.
All charities are worthy. Your favorites aren't worthier than others, and vice versa.
But if I leave $ to charity, it will probably be for the benefit of animals. The reason is this: Animal charities get a lot less money than human charities. The local ones usually beg for newspapers for kennels, old towels, etc. They are constantly on the brink of having no money. They desperately need it. Medical research for them is in need of money. Human medical research is funded by the govt and some big donors, as well as Big Pharma.
Second reason is my passion and love for animals.
Doesn't mean human charities aren't important, too. And because you give to one human charity doesn't mean that a different one isn't as important.
Exactly what I was thinking while reading this. It's sad, in my opinion, how little people care for their fellow man.
I have a dream/plan to create pocket communities for carefully vetted working poor and perhaps kids aging out of the foster care system. Part of my money when I die will go to continue these.
Not really cool to denigrate one charity because it's not your choice. All charities are worthy.
Just because you will give to the working poor doesn't mean that St. Jude's Hospital or March of Dimes is unworthy, does it?
As for animal charities....you may not know, since you may not care about animals, but animal charities don't get nearly the amount of money that human charities do. Additionally, the govt provides programs and support for humans, as well. And add to that that medical research is funded by the govt, big donors, and Big Pharma....well, you get the picture.
Meanwhile, some local animal charities consist of groups of women going out to wild areas to round up dogs that have been dumped and are injured or starving, and taking them to a refuge for medical care and maintenance. Then those people try to raise pennies as funding, and ask for things like used towels, newspapers, paper towels, dog food, coupons, etc. They subsist on shoestring budgets to help animals that no one seems to care about. No one else would help them....and most importantly, they are unable to help themselves.
It's shamebul to denigrate charities which are not the ones you would choose.
(BTW....those poor working people and kids from the foster care system....there are already government programs to help in that area. It's not enough, obviously, but without a single donation, they get official programs. I have a friend who works for one. Then there are private charities who work in that area, as well.)
Just a suggestion for those of you who think about leaving an inheritance to some sort of animal care charity: leave the money to your local shelter. Go down there and make sure that there are kennels and animals being cared for. Most of the national pet charities don't actually do anything for animals. They are mostly political organizations, not shelters.
Even better, donate to your local low cost spay and neuter clinic to help cut down on the number of unwanted animals that are born.
If you are an older person with some accumulated wealth but no kids in the horizon nor a life long partner, what do you plan to do with your assets when you die? Charity? Family members?
I plan on leaving mine to my favorite charities/non-profit organizations.
What do people plan to do with heirloom quality furniture? My kids would trash it faster than they can get to Wal-Mart to buy something 'new'. I would like it to go to someone who would appreciate it, take care of it, and pass it along. But who?
What do people plan to do with heirloom quality furniture? My kids would trash it faster than they can get to Wal-Mart to buy something 'new'. I would like it to go to someone who would appreciate it, take care of it, and pass it along. But who?
Is it just nice old furniture or does it have a history in the family? If the latter, there may be a niece or nephew who has interest in family history who would appreciate such a piece or collection. They may like furniture that was originally used by Great-Great Grandma and Grandpa Smith and then by successive generations.
If it's just nice, older furniture with little to no family history, there is another option. If you know a family (could be related, but may not be) who lives modestly, raising a family on one income and trying to teach their children right from wrong, well-built furniture is often an appreciated luxury. For such a family, budgets are usually very tight, and buying good furniture that will last a long time is often out of the question. However, I would not pass something like this along in a will, as the need may be now but your death and settlement of a will is usually not known in advance. Also, if the family doesn't need the furniture, you can look for another family who is in need.
If all else fails, try selling the pieces (assuming they aren't still needed) at a nice consignment store. Usually, people who buy that type of furniture at consignment store are looking to use and enjoy it for the long run, and not dump it in 4 years as they update their home once again.
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