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I just don't think it is something anyone should count on. It is nice to plan to leave something behind. However, my parents had a very nice savings and retirement fund. They planned on leaving the family a big chunk of money. They both got very sick and it ate up every last penny.
I am just happy as part of the sandwich generation they had the funds to take care of all the bills.
Our problem (if it's a problem) is that we have no heirs but have sizable assets because we are thrifty by nature and have been really lucky with real estate timing. We are not close to any of our nephews or nieces so I guess we will have to agree on a non-profit. We have no will in part because of this issue. We probably should talk about it seriously. The laws of our state would divide it among the living parents now.
I really hope we spend down to a reverse mortgage!!!!
Just curious - what you mean by this. Is getting a reverse mortgage part of your financial plan? At what age would that be of benefit? (I know this belongs in another thread)
I'm surprised that, with few exceptions, almost everyone on this thread seems to be saying, 'we raised/educated them, so now, we plan to spend it all and let those left behind fend for themselves.' Were you left anything by your parents? ... If so, did you use it to help establish your life for you and your family? ... If not, were there things you wish you could have done for yourself or your kids, that an inheritance would have enabled? (We were left very little on either side of the family. Everything we have, we earned ... however, we've been highly blessed all of our lives).
As I look at today's economy, it's apparent that the next generation will have a much tougher time educating their kids and eventually retiring ... than we did (retired in 2008). We love our kids and grandkids and would help them now if they needed it ... and welcome the opportunity to help them later through an inheritance. For one thing, both 'kids' had their children later (late 30's, early 40's) and will be facing bills for college, weddings, etc. about the same time they are preparing to retire. We've put aside some annuity investments that will mature about 'college time' and hope to contribute to college for all of the grandkids (5). Further, we worked hard and saved our money and, although we live very comfortable lives and have everything we want, -- we still plan to have significant funds later in our retirement (and when we die). Absolutely, we hope to leave a significant inheritance to the kids and are working on some investments to enable that now (tax-free insurance, etc)! --- And, from the sound of this thread, they will have a much easier time than your kids!
On the other hand, both of our kids are college educated, have good jobs and work hard ... saving money on their own for college and retirement... (but, have you looked at the rising cost of college?; plus, the housing market has 'tanked' for everyone and investments are paying only a pittance!). Our 'kids' have repeatedly told us that 'we should spend our money on ourselves and that they certainly do not expect us to support them or their kids.' Further, we know that if we ever had a significant financial problem, they would do whatever they could to help us (Thank goodness, we've made many plans to ensure that is never necessary, but, who knows).
Life is tough enough on its own and nobody knows what the future holds. If you don't make future plans to help yourself and your family while you have the resources and opportunity, who will? (We also enjoy giving money to others who need it -- it all belongs to the Lord anyway!). Let me encourage you to re-think this notion of 'no inheritance' while you still have an opportunity to do so (later, will be too late, if you do not make plans early).
Just curious - what you mean by this. Is getting a reverse mortgage part of your financial plan? At what age would that be of benefit? (I know this belongs in another thread)
A reverse mortgage to us is like having a fallback plan. Don't think we would need to do this, but it's available. We'd have to be over 85. We love our neighborhood.
My son will probably not have children and if we left him anything significant it could wind up in the exes hands. I would come back from the grave!
I'm surprised that, with few exceptions, almost everyone on this thread seems to be saying, 'we raised/educated them, so now, we plan to spend it all and let those left behind fend for themselves.' Were you left anything by your parents? ... If so, did you use it to help establish your life for you and your family? ... If not, were there things you wish you could have done for yourself or your kids, that an inheritance would have enabled? (We were left very little on either side of the family. Everything we have, we earned ... however, we've been highly blessed all of our lives).
As I look at today's economy, it's apparent that the next generation will have a much tougher time educating their kids and eventually retiring ... than we did (retired in 2008). We love our kids and grandkids and would help them now if they needed it ... and welcome the opportunity to help them later through an inheritance. For one thing, both 'kids' had their children later (late 30's, early 40's) and will be facing bills for college, weddings, etc. about the same time they are preparing to retire. We've put aside some annuity investments that will mature about 'college time' and hope to contribute to college for all of the grandkids (5). Further, we worked hard and saved our money and, although we live very comfortable lives and have everything we want, -- we still plan to have significant funds later in our retirement (and when we die). Absolutely, we hope to leave a significant inheritance to the kids and are working on some investments to enable that now (tax-free insurance, etc)! --- And, from the sound of this thread, they will have a much easier time than your kids!
On the other hand, both of our kids are college educated, have good jobs and work hard ... saving money on their own for college and retirement... (but, have you looked at the rising cost of college?; plus, the housing market has 'tanked' for everyone and investments are paying only a pittance!). Our 'kids' have repeatedly told us that 'we should spend our money on ourselves and that they certainly do not expect us to support them or their kids.' Further, we know that if we ever had a significant financial problem, they would do whatever they could to help us (Thank goodness, we've made many plans to ensure that is never necessary, but, who knows).
Life is tough enough on its own and nobody knows what the future holds. If you don't make future plans to help yourself and your family while you have the resources and opportunity, who will? (We also enjoy giving money to others who need it -- it all belongs to the Lord anyway!). Let me encourage you to re-think this notion of 'no inheritance' while you still have an opportunity to do so (later, will be too late, if you do not make plans early).
IF there's anything left the children will get it. It's still not something I'm/we're going to obsess over. My childrens' mother got everything in divorce 18 years ago but rather than provide anything for the children she's cost them 10s of thousands of dollars. At least I won't visit that upon them. Nor will I sit in judgement of others who feel differently.
A reverse mortgage to us is like having a fallback plan. Don't think we would need to do this, but it's available. We'd have to be over 85. We love our neighborhood.
My son will probably not have children and if we left him anything significant it could wind up in the exes hands. I would come back from the grave!
Generally inheritances are not considered community property, nor are after-acquired assets divisable.
My general plan was to live frugally (less than $20-25,000/year) and leave any remaining funds to my children.
A few days ago, when my father mentioned he needed to get a will, it occurred to me that I could disclaim any inheritance and it would pass on to my children. I would like to do that - but first I would need to check with an estate attorney re: taxes.
Another poster mentioned life insurance. One option (for me) would be to accept the inheritance and use the funds to purchase life insurance for the kids. I don't care for this option as much because I'd like for them to have use of the money well before I pass on.
My goal is to provide the children with a small degree of financial security. The kids are well educated, employed full time, and frugal. (Indeed, one of them is probably TOO frugal. )
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by jghorton
.... Were you left anything by your parents? ...
If so, did you use it to help establish your life for you and your family? ... .
Yes, the day I turned 18, I was tasked with caring for a disabled parent and closing 7 business ventures including a farm and LOTS of tangible assets, and distributing to $800k of liabilities.
At age 25 I was served a legal disinheritance from other parent.
These inheritances did MUCH to shape my life (eldercare for 32 yrs and legal issues of keeping the other parent off my back and out of my assets AND away from my family)
I am far richer for these experiences (but not monitarily, of course)
Quote:
however, we've been highly blessed all of our lives
ME TOO!!! And I'm glad I allocated my assets to perpetual benevolent causes nearly 20 yrs ago, and still have 40+ more yrs in retirement before DEMISE. LW&CDR & that is part of the reason I drive a 40 yr old car that cost me $35 and gets 50 mpg on free fryer grease. Different strokes for different folks.
Many are getting benefit TODAY and in perpetuity from my earned wealth.
My Kids will survive, or learn how REAL FAST. They were serving food to the homeless and drug addicts from age 10, so I hoped they learned SOMETHING . If not, I failed (not the first time TODAY).
My Motto. Give it ALL away. (There are plenty of TAKERS in life, as you mentioned... it's NOT MINE anyway, I'm just a short-term steward of the benefits.)
Wife and I will leave quite a bit I imagine to family members since you can't take it with you.I am glad they will get a boost.
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. If not, I failed (not the first time TODAY).
