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.
I will probably have substantial real estate equity when I die and will leave to friends and family (nieces and nephews) and some well vetted charities. I am curious what has been the outcome of receiving an inheritance from someone other than close family. What was the size of inheritance? Enough for a fantastic vacation, a high end car, or even a house? Was it a pleasant surprise or did you expect more?
My daughter's ex- boy friend received an $89,000 from a relative he had not had a relationship with for about ten years. It send him back to his heroin habit which he had kicked years ago.
One year later and all is gone, no job, addicted, no girlfriend, no home, no life, and 50+ years old.
It would have been better for him if it was doled out a little each year as he could not handle the $. He never could handle money.
I'd suggest you look at the lives, personalities and ability to handle finances and make a decision from that information. May be better to put it in a trust with a certain percent available each year, unless it was used for a house, etc.
I am sure that my daughter's ex-boy friend's relative thought that he had grown up by his age, but he just could not handle the money. I tried hard to get him to buy a house so he would not have rent in the future, and he agreed...but just could not resist the temptation of the drugs with that much money. So now the drug dealer has it all. His relative likely has turned over in his grave many time, as that money came hard to him.
We just received a long delayed inheritance and spent most of it buying a used Chevy Corvette.
We do not have any children and are still working on who we can leave our condo and all the other junk to. The financial part goes to friends or their kids.
We just received a long delayed inheritance and spent most of it buying a used Chevy Corvette
We do not have any children and are still working on who we can leave our condo and all the other junk to. The financial part goes to friends or their kids.
Lol. Reason #782 to leave your money to a worthy cause
Real estate left to multiple people can make for an even larger mess than most estates are. Have a plan in place before you kick it
Yep! Money changes everything! Maybe I'll leave one property to 20 people I detest! LOL! I've seen people spend thousands to try to claim $1,000 more. I think I have a pretty good plan in place and the proper people to implement it. It always seems the reasonable person gets screwed when exact instructions are not left.
Lol. Reason #782 to leave your money to a worthy cause
Well I'd rather have a friend get a little fun with a used Corvette than the CEO of a non profit making $400,000 a year be able to buy himself a NEW corvette!
How much control do you want over your bequests? I think it would benefit everyone to be a landlord for at least a year but have fought the urge to mandate that to my heirs. I guess, "Let it Go!".
Well I'd rather have a friend get a little fun with a used Corvette than the CEO of a non profit making $400,000 a year be able to buy himself a NEW corvette!
How much control do you want over your bequests? I think it would benefit everyone to be a landlord for at least a year but have fought the urge to mandate that to my heirs. I guess, "Let it Go!".
Pick a better charity then
If I asked most people while they are doing their estate planning, "how would you feel if Jim spent the money on a used corvette?"
Most wouldn't like it. Most if asked would want their money to make their loved ones life easier and certainly a used vette isn't that. Most inheritance is blown within a generation or two meh do whatever you want
If I asked most people while they are doing their estate planning, "how would you feel if Jim spent the money on a used corvette?"
Most wouldn't like it. Most if asked would want their money to make their loved ones life easier and certainly a used vette isn't that. Most inheritance is blown within a generation or two meh do whatever you want
Well if "Jim" was a single middle aged balding guy I think the 'vette might make his life easier, then "harder", then maybe too complicated.
I would say that in general people that NEED money will always NEED money. I think it was Oprah that said giving money to relatives would not solve their problems.
We're still mainly talking about people that have received money from unrelated or distantly related people. Maybe it really doesn't happen so much. I don't have anyone in my circle that NEEDS money but many are less fortunate than me and IT would bring me pleasure to gift a luxury to my friends. I do think the better thing though is to accomplish this while you are alive if you have no fear of running out of money.
Did you see any of the Briefcase shows recently? Interesting show about people getting $100,000 and having to choose to keep all the money, some of the money or none of the money and another family would receive based on their decision.
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.
