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Old 04-01-2015, 10:15 AM
 
Location: On The Road Full Time RVing
2,342 posts, read 2,912,451 times
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Quote:
Originally Posted by kauailover View Post
I hear a lot of people make plans ahead of time to leave their loved one's a nice inheritance. But I am in the camp of folks who like the idea of living it up in my retirement years even to the point of one day considering a reverse mortgage.

Maybe this is being stingy or maybe it's a desire for the loved one's to learn to be self sufficient. What's your thoughts on this?
You made your own wealth.
Let your loved one's earn their own wealth, or they can do without ! ! !

It is your decision to make not theirs to make.
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Old 04-01-2015, 10:18 AM
 
753 posts, read 707,042 times
Reputation: 1175
Quote:
Originally Posted by GregW View Post
Did any of you consider that the most difficult thing for your kids to acquire if the want to achieve financial independence is CAPITAL. As substantial inheritance can be invested not only for your kids but also for their kids. Eventually your descendants might just become prosperous. Squandering your children's inheritance is simply a selfish indulgence.



Well I don't disagree that it will be difficult for them to achieve, but it's not the worst thing to happen to them either. Hard work, responsibility, personal integrity, social responsibility are great acheivements and worth more than capital in my book. If they learn all these things on THEIR journey to financial independence then they would make me very proud.

Prouder than if I had a million to leave to them.
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Old 04-01-2015, 10:39 AM
 
825 posts, read 566,016 times
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Quote:
Originally Posted by GregW View Post
Did any of you consider that the most difficult thing for your kids to acquire if the want to achieve financial independence is CAPITAL. As substantial inheritance can be invested not only for your kids but also for their kids. Eventually your descendants might just become prosperous. Squandering your children's inheritance is simply a selfish indulgence.
I did fine starting with nothing. Nobody gave me any CAPITAL. I appreciate every dollar because it was earned through my own blood, sweat, tears, and toil. My children can do the same.

Last year my elderly mother passed away, leaving a very small estate. A nice gesture, but not life-changing, especially not this late in life. I'm pleased that she was able to spend her savings on her own comfort and medical assistance in the last, most difficult phase of her life.
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Old 04-01-2015, 11:38 AM
 
753 posts, read 707,042 times
Reputation: 1175
Quote:
Originally Posted by josie13 View Post
I did fine starting with nothing. Nobody gave me any CAPITAL. I appreciate every dollar because it was earned through my own blood, sweat, tears, and toil. My children can do the same.
Well said and I am sure it echoes for many of us.
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Old 04-01-2015, 09:12 PM
 
Location: Midwest
1,469 posts, read 860,968 times
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Quote:
Originally Posted by kauailover View Post
I would hope that anything we do leave to our heirs doesn't get squandered and that is one of my concerns in our case. I would rather blow every dime myself than see what we've worked hard for be foolishly wasted. If one of our two kids ever gets his life together I won't be so concerned. But so far that is yet to be seen. We have done a lot to help out his situation but he continues to dig his hole deeper. Time will tell and we plan on being around a lot longer!
Put the money in a trust that he can only access a certain amount per year. That way you can know that there is discipline built in to your inheritance when you die and that you were fair and didn't cut him completely out of the will which would setting up his siblings for a life of being blamed for getting what he didn't get.
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