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I am a single RN in my mid 60's getting ready for retirement.
My three adult kiddos have been told that I plan to really enjoy life after working so very hard for 45 years (I graduated with my RN in 1970 and have always worked), and I plan that the check they write out of my account to pay for my funeral will bounce. It makes me smile to think of that!
But realistically, I will leave a chunk behind, so I have set up my estate that my kids inherit my real property in equal parts upon my death in trusts that are untouchable by divorce, bankruptcy or lawsuit.
The contents of my IRA will go into another trust that provides RMD's for my kids and other people in my life that I value deeply but who have not fared well economically.
My goal is that my kids/grandkids would not inherit so much that it would kill their ambition and drive to work and contribute to society.
Allows you to invest money into a long term retirement plan for a kid that they can't touch until their own retirement.....this the current state of the country, who knows if Social Security will be there for them.
Every single one of us will leave an inheritance. It just might not be the one people like to have when some depart. We can't predict how long we will live so we always have something around us, money, car, food, house, cloths, antique furniture, jewelery, etc.. The trick is to figure out who gets it before we hand the papers. I have a trust and my money that I leave goes to my family.
I recently saw a license plate frame that read, " We're spending my children's inheritance," and was wondering how many retirees are of that mindset or are planning to leave something for their heirs. What plans have you made?
And that world will be even more different for our progeny. It will be much more competitive, and even more unfair than it is today. Advanced education was cheap for me, not for my son.
Like Trudeau and the Donald, stating life with 38 to 88 million is a great start.
Yes. But carefully. If my wife and I check out anytime in the next ten years, the last thing I'm going to do is deposit several millions into my children's bank accounts. They wouldn't be able to handle it.
The Gates Foundation is getting the virtually all of my estate.
I am surprised to hear this. The Gates foundation while doing plenty of good, does much of it's charitable work outside America. They have so much money from wealthy donors your contribution would probably be an afterthought.
Also they are involved in some political issues which you may not be in line with your view.
If I had enough money to be philanthropic, I would create my own trust or give to one that helped primarily Americans, and causes I believed in. It would not be political to the degree I could prevent it. However if it were to be somewhat political, it would be tilted toward my politics, not someone else's.
We intend to leave what we have to our children. I'm not sure why I would leave it to anyone else, or purposely exclude my children.
We aren't even thinking of retirement, but the idea of purposely" spending your children's inheritance" or giving the money to a charity, strikes me as bizarre. In life I contribute to charities that are of interest to me. Knowing that my children and their children will have it somewhat easier in life, is a good way to depart this world.
We do not have anything close to the Gate's family. there is no need for a foundation. my greatest love is my family and I intend to leave my money to my children.
Do you plan to leave an inheritance?
I'm not planning on it, but I probably will since I can't spend it all. Life is too short.
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Absolutely; we live in a different world.....
