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Old 03-29-2015, 10:00 AM
 
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I think you should have a plan that in the accumulation phase thru the implementation stage should provide for a satisfactory income flow, plus a cash reserve for inflation and life's eventualities from health to housing care etc etc. In addition a nest egg just for the later years that if not drawn down will become your legacy money. It may not happen as you plan but if it does you can take care of yourself and your heirs. Should't our plans represent our best case aspirations?
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Old 03-29-2015, 10:42 AM
 
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one of the benefits of the work of bill bengan and those boys from the trinity study is they found that balance that generally will do both. provide a pretty safe withdrawal rate and leave a good size amount of legacy money if times are better than the worst of times .

throw in the natural spending cuts retirees make as they age and the fact so much inflation adjusting is not needed and the fact is you can really do nothing extra and heirs will be well taken care of.

only wild card is healthcare costs.
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Old 03-29-2015, 10:49 AM
 
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I have said this before on another thread a while back. A good friend decided she and her husband would not leave anything to the kids. They paid for their education, Masters level for 3 kids and said.. ENOUGH!! The rest is for us. Although, they have taken several grand kids on trips to Europe.
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Old 03-29-2015, 11:08 AM
 
Location: Central IL
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If the heirs are truly dependent on you because they are disabled in some way then I'd try to set something aside. If I really had a lot of extra money I might provide for a basic security net for other relatives, but otherwise, they're on their own. I've worked hard and I want to enjoy it!
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Old 03-29-2015, 11:29 AM
 
Location: Grove City, Ohio
10,131 posts, read 12,381,010 times
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Quote:
Originally Posted by yellowsnow View Post
It's your money. Do exactly what you want to do with it!
Spend it, spend every dime of it!

This is not being selfish for I remember well the many months where we would spend $2,000 and even more for college tuition, dorm rooms, spending money, cars, gasoline and insurance as the little one went to college for four years. When they got out of four years their total college loans amounted to < $10,000 and while I could have easily paid that I felt it important they have skin in the game too.

I've warned them "there might not be anything left for you so don't plan on it. Fact is, for all you know, I might give all we got left to the Hare Krishna so what's it to you?"

My wife and I both have small life insurance policies that are enough to take care of all funeral expenses so they are lucky I am not sticking them with that.
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Old 03-29-2015, 12:16 PM
 
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Unless you are a multi-millionaire, pretty much any extra money, including half your kids' extra money, will go to the retirement home, assisted living facility, nursing home, and funeral parlor.
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Old 03-29-2015, 12:21 PM
 
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It's good to study the history of some who have left large sums to heirs, and contrast that against some who have nothing to leave heirs.

It may well depend on the type grooming of the heirs long prior to their inheriting anything. We've seen wealthy people who have left great amounts to offspring's, who have resulted to do nothing with it, and some found themselves lost in drink and drugs, and debauchery of every sort. Some have done well and continued to build upon what the parents left, some even expanded the business to be and do good things. While some have found bankruptcy and sold off the business as well as the family home.

We've seen many who had nothing left to them to go on and do and build great things. Again, I say: It may well depend on the type grooming of the heirs long prior to their inheriting anything

Some parents give their kids everything, and some kids grow up and get hung up in the class-ism and materialism which goes along with that type of situation. We see many who send their kids off to college with large balances on credit cards, or trust fund distributions, and over time, nothing notable in contributions to society comes from (some of) these kids during their lifetime.

There is a reason why people like Bill Gates said he will leave something, but nothing near what he has accumulated during his lifetime earnings. I'm sure the kids will be let with "Millions", but maybe not 100's of millions, "Unless maybe they show a proclivity during his life to have involved themselves in something that is long reaching with strong public and societal benefit".

Each family knows their offspring's, and that will have a great impact on how they deal with the situation of "Heir transfers of assets".
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Old 03-29-2015, 12:24 PM
 
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Originally Posted by Chance and Change View Post

There is a reason why people like Bill Gates said he will leave something, but nothing near what he has accumulated during his lifetime earnings. I'm sure the kids will be let with "Millions", but maybe not 100's of millions, "Unless maybe they show a proclivity during his life to have involved themselves in something that is long reaching with strong public and societal benefit".
Bill Gates had a $10M trust fund and came from one of the wealthiest banking families in Washington State. When he says he will leave "something, but not too much" he means he will leave $40M in cash to his kids, and then a $30B non profit to manage.
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Old 03-29-2015, 01:03 PM
 
Location: Inland Empire, Calif
2,887 posts, read 4,816,010 times
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Quote:
Originally Posted by Slowpoke_TX View Post
These are examples of why older folks need to have a Long-Term Care Insurance policy in force.
We purchased long term care for my wife many years ago and so far it has been a complete waste of money. We are hopefully years away from needing the service it provides, but what started out as a great benefit is no longer looking so good.
Due to a lack of participation, every year they rates have gone up and the amount of services provided have gone down. It's become so expensive are would considering dropping the policy, except if we did we would sacrifice the 20+ years we have paid into it. If we knew then what we know now, we never would have purchased it.
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Old 03-29-2015, 01:23 PM
 
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Look, if you raised them right, they will be determined and equipped to make it on their own. Sure, we all have times where we could use some help, but that does not mean sacrificing yourself to leave something to your heirs. Live, love, and enjoy your life and whatever is left over is a bonus!
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