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Old 06-02-2014, 10:49 PM
 
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If I had kids I'd try to leave as much as possible to them. The way things are going, the future will be very expensive and there will be few jobs. Kids born today will need all the material help they can get, even if they are smart and talented.
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Old 06-03-2014, 12:29 AM
 
Location: Silicon Valley
18,081 posts, read 22,924,480 times
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Quote:
Originally Posted by rzzz View Post
If I had kids I'd try to leave as much as possible to them. The way things are going, the future will be very expensive and there will be few jobs. Kids born today will need all the material help they can get, even if they are smart and talented.
I think the best we can do for future citizens is teach them how to live within their means. Basically, the old, teach a man to fish story. Give a man a fish, and he eats for a day. Teach a man how to fish, and he eats for a lifetime.

Or something like that.

No need to spoil them.
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Old 06-03-2014, 09:15 AM
 
Location: Chicago area
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We don't have any children but we have heirs. Our plan is to spend every dime unless something catastrophic happens to both of us at the same time. Our wills are very specific and designed to keep all of our money away from anyone in John's family. It is then evenly divided amongst some very special shorties with provisions for our pets. The hard part is figuring out how much to spend without running out of money too soon.
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Old 06-03-2014, 09:27 AM
 
Location: Haiku
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Quote:
Originally Posted by Marc Paolella View Post
Everyone should stand on their own two feet and earn their own money. I would enjoy your money and spend as much of it as you need to to be comfortable and happy. You are not responsible to leave money to anyone. And anyone who expects it and plans on it is a loser and shouldn't get a bloody dime.
I was vague on who the "heirs" would be. My main goal has been to leave the bulk to a couple of organizations that I think do good work.
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Old 06-03-2014, 09:43 AM
 
48,516 posts, read 83,890,268 times
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Quote:
Originally Posted by rzzz View Post
If I had kids I'd try to leave as much as possible to them. The way things are going, the future will be very expensive and there will be few jobs. Kids born today will need all the material help they can get, even if they are smart and talented.
I think investing in your kids for most tho tends to be before they get to that stage to allow them to compete in that world same as past. Unless your a multi millionaire most can't leave enough to really effect their future near to degree that early spending and working with them does. Now days it takes working with them at earlier age as world is more technical than ever and harder to catch up later or near impossible if wait too long.
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Old 06-03-2014, 11:54 AM
 
Location: Over yonder a piece
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My parents joke all the time with my sister and me that they are spending our inheritance when they go on month-long vacations. I say "more power to 'em!" - life is too short not to enjoy it when you are still healthy enough to do so! My parents are enjoying their retirement, as well they should!

My sister and I will get a modest inheritance from them upon their passing - the house, some insurance, their possessions. A few years ago when my parents were downsizing into a smaller house, my mother had us go with her through the entire house and select which items in the house we wanted upon their death. She loaded it all into a spreadsheet and had it attached as an addendum to their wills so there are no arguments about who gets what.

My uncle is a life-long bachelor - never married, no kids. Worked for 50 years before finally retiring. I tell you what - he is ENJOYING his retirement - I'm so jealous of what he posts on Facebook every day!!
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Old 06-03-2014, 12:05 PM
Q44
 
Location: Hudson Valley, NY
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Besides leaving 'it' behind, I recently read an article about setting up your working age kids with a Custodial Roth account. Basically $4K per year for the 10 year period starting when they're 25 ending at 35, will grow to over half a million (at historic return rates) when they turn 65.

I know some folks are going to say great, 40 years from now a half-mill would probably buy a car but I still think it might be a good way to get the kids thinking about retirement savings.
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Old 06-03-2014, 12:20 PM
 
20,083 posts, read 11,142,800 times
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Originally Posted by Jeo123 View Post
I think the entire premise of this post is a bit backwards.

It's not about living in a way to leave an inheritance, it's about living in a way that you don't need to be a drain.
I'm in my 60s and we have for the last 10 years--and probably for the next 10 or 15--been carring for our parents as they have moved into the Hades of being unable to care for themselves into death. This experience has taught us years of life can be incredibly expensive, especially when something like a serious stroke or Alzheimers hits a an elderly person who otherwise has no chronic life-shortening ailments. Having an elderly parent--or more than one-- in a full-care facility for 10 or more years is a real possibiliy.
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Old 06-03-2014, 12:24 PM
 
1,316 posts, read 1,182,310 times
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Quote:
Originally Posted by TwoByFour View Post
This is something I have been wrestling with. It is really a personal decision, not something anyone else can solve for me. But I am curious what the thoughts are of others on this topic.

We can go two different ways with our retirement savings:

(1) Invest it safely (e.g., bonds mostly) and spend down the principal. The money should last long enough if we stick to a budget. However, there will be little left for anyone to inherit. But it is very safe for us.

(2) Invest it in such a way to preserve the principal and live off the returns. This depends highly on the stock market, which is of course fickle. We could lose a lot of money if we have another meltdown like 2000, which would impact our retirement plans, maybe in a big way, maybe not. But if we invest it well there will be a lot that our heirs get.

I realize there are variations on the two extremes above. But I am curious what others are doing who have retired.
Spend it in you lifetime.....There's talk in DC that if the dems get re-elected to the WH in 2016 all the personal 401's, IRA's, et al will be folded into Social Security although it think personal ROTH's wil be left untouched. And inheritance taxes could go to 50% if over a million....

If you want to GIVE money to your heirs, do it during your lifetime so you can watch the joy on the faces of your heirs SPENDING it while you are on THIS side of the grass.... and not on the otherside...

Last edited by Chaffeetrekker; 06-03-2014 at 12:38 PM..
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Old 06-03-2014, 02:00 PM
 
1,971 posts, read 2,490,192 times
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Originally Posted by texdav View Post
I think investing in your kids for most tho tends to be before they get to that stage to allow them to compete in that world same as past. Unless your a multi millionaire most can't leave enough to really effect their future near to degree that early spending and working with them does. Now days it takes working with them at earlier age as world is more technical than ever and harder to catch up later or near impossible if wait too long.
I started trust funds for each of my nieces so that they can have some extra money if they need help purchasing a home or paying for school. Hopefully, this means that if they want to do something like be a scientist instead of a patent attorney they will be able to without having to live in poverty. Of course, it could also mean they just waste the money partying but I guess I can live with that.
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